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5498 turbotax Form: What You Should Know

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online solutions help you to manage your record administration along with raise the efficiency of the workflows. Stick to the fast guide to do Form 4598e, steer clear of blunders along with furnish it in a timely manner:

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Video instructions and help with filling out and completing Form 5498 turbotax

Instructions and Help about Form 5498 turbotax

Did you inadvertently miss the 60-day time on the or retirement plan rollover? You may be able to avoid taxes and possible penalties by notifying your account trustee with the self-certification when you take a distribution from your IRA or qualified plan with the intention of depositing it or rolling it over into another IRA or qualified plan. The 60-day rule says you're required to complete the rollover within 60 days of receiving the distribution. In the past, when you miss the deadline, you generally had to request relief from the IRS. That meant paying a fee and going through a process to obtain a written statement waiving the rule. Now, the IRS says that in some cases, you can self-certify by submitting a written letter to your financial institution or trustee, explaining why you missed the 60-day deadline. Your error must be one of 11 allowable reasons, such as death or serious illness in your family, severe damage to your principal residence, or misplacing and never cashing the distribution check. For more information, contact Woodard & Associates Inc.