60 Day Rollover Question
Hello,
My client took a distribution at the end of 2022. Once he realized he took out too much, he re-deposited funds as a 60 day rollover. Since this was across tax years, and the client won’t have a 5498 to show the deposit, the client is asking what he can use to file his taxes to show the funds were put back into the IRA.
Any feedback would be greatly appreciated. Thank you.
Permalink Submitted by Alan - IRA critic on Tue, 2023-03-07 15:01
Client should just report the rollover as usual. It’s up to the IRS to track 5498 forms from year to year and match them with 1099R forms if they are interested. But mainly, the IRA custodians are supposed to oversee rollover contributions to the extent they have the information.