sewcpa
Level 5
09-02-2023
06:37 PM
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A 5498 has the potential to show a bunch of information. For you it is proof that funds were rolled over if IRS does not believe the return that the 1099R is tax free.
The FMV might be used if there was a distribution and there was basis in IRAs. The contribution box might show a deduction. There are spaces for folks that have Req Minimum Distribution issues.
You do not need to enter it anywhere.