The Internal Revenue Service (IRS) now requires separate reporting of any late rollover contributions self-certified by an individual retirement account (IRA) owner on Form 5498, IRA Contribution Information.
The new requirement is effective on the 2017 Form 5498, which is due to the IRA owner and the IRS by May 31, 2018.
Reporting late rollover contributions
Under the new reporting requirement, late rollover contributions must now be reported separately from timely rollover contributions. The amount of a late rollover contribution made in 2017 and self-certified by the IRA owner is reported on Form 5498 in Box 13a, postponed contribution; Box 13b, year, is left blank; and reason code “SC” is entered in Box 13c, code.
A separate Form 5498 must be issued to report the late rollover contribution if the IRA owner also made a postponed contribution because:
continue reading »