Client received 5498 but no 1099-R but says we need to report it.

[jeanmarc]

A client received a 5498 and says the bank told him it must be reported but my understanding is that this is strictly information. They did not receive a 1099-R. They are 60 years old, spouse is 63. Does this need to be reported somewhere?

From 5498:
2. Rollover contributions: $41,787.86
5. FMV of account: $42,284.58
7. IRA is check off

None of the other boxes are filled out.

[sjrcpa]

If the rollover was a Trustee to Trustee transfer there wouldn't be a 1099-R and no tax reporting necessary.

Client should ask banker what qualifies them to give tax advice.

[qbteachmt]

For reference:

A spouse's info has nothing to do with this, since retirement accounts are individual accounts.

You didn't state what was the action they took? It appears they did a rollover from some plan or account to some similar plan or account?

The Form 5498 is for money In and is your due diligence, but is not filed as part of a 1040. It would be needed, for instance, to use for RMD and to confirm Form 8606 info.

A 1099-R is for money Out (distributions, rollovers Out, withdrawals) and is used for form 8606 info.