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dylatess, ATTORNEY
Category: Social Security
Satisfied Customers: 3427
Experience:  37 plus years of SSD practice
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How does the social security know that i have money in a retirement

Customer Question

how does the social security know that i have money in a retirement account?
Submitted: 7 months ago.
Category: Social Security
Expert:  lev-tax replied 7 months ago.
The social security administration doesn't have such information.That information is ONLY provided to the IRS.
Customer: replied 7 months ago.
How does the IRS know i have unclaimed funds and how do i get it?
Expert:  lev-tax replied 7 months ago.
The IRS has NO information whether funds are unclaimed.But the administrator of your retirement fund is required to send form 5498 (if that is IRA plan) or 5305 form - if that is a different type of retirement plan.Any distributions from the plan - including distributions according to your state laws related to unclaimed funds - are reported on 1099R.If you are not sure - you may request your tax account transcript from the IRS - and verify what exactly were reported on your tax account.When requesting transcript - be sure to ask for the Wage and Income Transcript - which shows data from information returns reported to the IRS, such as W-2s, 1099s and 1098s, etc.To request such transcript - use form 4506Thttps://www.irs.gov/pub/irs-pdf/f4506t.pdf