Form 5498 rollover contribution
I withdrew money from my IRA and repaid a portion of it within the 60 day rule. I received a 1099 R for the complete amount of distributions. I then received a Form 5498 showing rollover contributions for the amount that I repaid within 60 days. Where can I deduct the rollover contribution from the Form 5498 on my income taxes?
We don’t typically offer answers to specific tax questions in the forums because individual circumstances can vary so widely. However, based on what you’ve outlined, it sounds like you will need to declare your IRA withdrawals as tax-able income (from the 1099) as well as income deductions (Form 5498). Because these funds will be claimed both as income and as deductions offsetting that income, there should be no tax consequences for your rollover. However, it’d still be a good idea for you to confirm this with a tax professional based on your specific situation.
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