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I took a redemption from my IRA but rolled the money back into an IRA within 60 days of receiving the check. Why was my redemption reported on Form 1099-R?

April 26, 2017days IRA money redemption reported

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I took a redemption from my IRA but rolled the money back into an IRA within 60 days of receiving the check. Why was my redemption reported on Form 1099-R?

1 Answer

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Generally, any IRA redemption is reportable. Form 5498 will be sent to you and also will be reported to the IRS, showing the money being deposited into an IRA. Form 5498 is mailed to shareholders by May 31 each year and is not required to be filed with your tax return.