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For 2015 the 5498 tax form was not filed with the IRS, but…

Hi, for 2015 the...

Hi, for 2015 the 5498 tax form was not filed with the IRS, but the rollover has happened. Now the IRS is requiring us to pay taxes on the distributed amount. Is it sufficient to send them the 5498 form. I also made excess contribution of ~4k that is reflected on the 5498 form. Will that confuse the IRS if the distribution and the contribution is not the same amount?

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Not that I know if.

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Answered in 15 minutes by:
5/19/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,643
Experience: 15years with H & R Block. Divisional leader, Instructor
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If you completed the rollover within the 60 day required time or the rollover was a direct rollover (from one account directly to the other without you receiving the funds first) then the 5498 would explain that. Why it was not sent to the IRS by the account admin is not clear. Generally the IRS receives a copy too.
That excess contribution is taxable to you. It would need to be taken out if you did not do so back then.
Respond to the IRS notice with the copy of the 5498 and a short clearly written letter explaining your actions and include the dates.

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Customer reply replied 9 months ago
Thank you Robin!

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Robin D.
Robin D., Senior Tax Advisor 4
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