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Another important thing to know: if you did a direct rollover (where the money went straight from one institution to another), you won't owe any taxes on that money. If you did an indirect rollover (where you received a check), make sure you deposited it within 60 days or you could face taxes and penalties. The 5498 form is basically just documentation of the rollover transaction - Box 2 shows your rollover contributions. You don't need to enter this info on your tax return if it was a direct rollover. If you get confused when using tax software, there's usually a section specifically about rollovers where you can indicate this was a rollover, not a contribution.
Thank you - that's helpful! It was definitely a direct rollover, so I never actually touched the money. I was mainly confused because TurboTax kept asking me about IRA contributions and I wasn't sure if the rollover counted as one. Sounds like I don't need to enter anything about the rollover when filing?
You're welcome! Since it was a direct rollover, you generally don't need to report it on your tax return at all. Most tax software will ask if you made any "contributions" to an IRA, but a rollover isn't considered a contribution in the tax sense. The only exception would be if your 1099-R (which you should have received from Principal showing the distribution) has a distribution code that doesn't clearly indicate it was a rollover. In that case, you might need to clarify in your tax software that it was indeed a qualified rollover. But in most direct rollover cases, everything is properly coded and you don't need to take any action.
Quick note - make sure you're checking your 1099-R forms too, not just the 5498s. The 1099-R shows the distribution from your old 401k, while the 5498 shows the receipt into your new IRA. Both forms should have codes indicating this was a rollover (usually code G on the 1099-R). If everything was done correctly, the taxable amount on your 1099-R should be zero. Double check that to make sure you don't accidentally pay taxes on money that should remain tax-deferred!
This is so important! I messed this up last year and accidentally reported my rollover as income. Had to file an amended return after realizing the mistake. Check that code box on the 1099-R carefully!
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Something else to check - make sure your bank account info was entered correctly when you filed. My sister had a delay because she transposed two digits in her account number. The IRS tried to deposit the refund, it bounced back, and then they had to mail her a paper check which took another 3-4 weeks. Double check that your direct deposit info was entered correctly!
I just double-checked all my banking info and everything looks correct. My boss was super careful when entering everything. Is there any way to confirm with the IRS that they have the right account number on file?
Unfortunately, you can't verify the exact account details the IRS has on file through the Where's My Refund tool. The best way to confirm would be to speak with an IRS representative directly, which goes back to the challenge of reaching someone. If your return was e-filed through H&R Block, you could also contact them to verify what banking information was submitted with your return. They should have records of exactly what was sent to the IRS.
One thing nobody mentioned - if you file with EITC and a dependent, the IRS sometimes requires additional documentation. Check your mail regularly! They might have sent you a letter requesting more info to verify your eligibility. It happened to me last year and my refund was on hold until I responded.
This is so true. The IRS sent me a letter asking for proof my kid lived with me, and it got lost in a pile of junk mail. I never responded and my refund was delayed for MONTHS.
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Just a heads up for parents claiming the Child Tax Credit - even with the January 23 start date, if you're claiming this credit, your refund won't be issued until mid-February at the earliest. This is due to the PATH Act which requires the IRS to hold refunds claiming certain credits until they can verify income. Same goes for the Earned Income Tax Credit. So don't panic if you file on day one and don't see your refund right away!
Does this apply even if I'm not getting a refund? I usually end up owing a small amount but still claim the Child Tax Credit for my two kids.
If you end up owing taxes rather than receiving a refund, the PATH Act verification delays won't impact you. The delay only affects refunds being issued to taxpayers claiming these credits. Since you typically owe a small amount, you can file as early as January 23rd and the PATH Act won't cause any additional delays in your return processing. Just make sure you pay any amount owed by the filing deadline (April 18th this year) to avoid penalties and interest.
Does anyone know if the Free File program will be available on January 23rd too? I used it last year and it worked great for my simple return.
Yes, IRS Free File typically opens on the same day as the tax season starts! I've been using it for years. Just be aware that some of the participating companies sometimes add their own software to the mix a few days later than the official start date.
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Whatever you do, DO NOT ignore this. I made that mistake and ended up with a levy on my paycheck where they took 25% of every check for months. Super embarrassing having to explain to my employer too. Call the IRS and your state tax agency immediately. Be honest that you want to resolve this but need a payment plan. In my experience, they actually become quite reasonable once you're actively trying to resolve things.
Did you need to provide any financial documentation to get on a payment plan? I'm worried they'll want to see all my expenses and bank statements.
For my situation (owed about $7k), I didn't need to provide detailed financial documentation. They just asked about my general monthly income and expenses over the phone. If you request a larger monthly payment amount than they initially suggest, they're less likely to request detailed financial info. For larger tax debts (over $10k I think), they might ask for more detailed financial information using Form 433-F. But even then, it's not as invasive as people fear.
I went through this last year. Quick tip: when you call the IRS, specifically ask about "first-time penalty abatement" if you haven't had tax issues before. They removed about $700 in penalties for me, but they WON'T offer this unless you specifically ask for it by name.
That's a great tip! Does it work for state taxes too? My levy was from the state department of revenue.
Sara Hellquiem
From my experience as an S-corp owner with unequal distributions, your best option is to formalize a loan. Create a promissory note with reasonable interest rate (current AFR rates), specific repayment terms, and have both parties sign it. We made the mistake of taking informal draws for years and had a nightmare sorting it out during an ownership change. Also, don't overlook the benefits of a shareholder agreement that specifically addresses unequal distributions. We amended ours to allow for disproportionate distributions with specific accounting requirements that protect everyone's interests. Whatever you do, make sure EVERYTHING is documented properly. The distinction between loans, distributions, and compensation is exactly what the IRS loves to scrutinize in S-corps.
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Samuel Robinson
•Thank you for this practical advice. If I go the loan route, do I need to create the documentation before or after taking the money? I've already taken about $15K more than my 1% share would justify in 2024, and we haven't filed yet. Can I retroactively document this as a loan? Also, any guidance on what a "reasonable" interest rate would be in the eyes of the IRS?
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Sara Hellquiem
•Ideally, loan documentation should be created before the money is distributed, but you can retroactively document it if you haven't filed yet. The key is to create the documentation before the end of the tax year - so you're still within the window for 2024. For interest rates, the IRS publishes Applicable Federal Rates (AFR) monthly. For a loan between related parties, you should use at least the minimum AFR for the appropriate term (short, mid, or long) from the month the loan was made. For April 2024, the short-term rate was around 5.25%. Using anything significantly below this could cause the IRS to impute interest, which creates tax headaches for both parties. The documentation should include a clear repayment schedule, consequences for default, and signatures from both parties. Make sure your accountant records it properly on the books as a loan to shareholder rather than a distribution.
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Charlee Coleman
Has anyone considered just increasing the 1% ownership stake to better reflect the economic reality? That seems simpler than all these loan structures and special distributions. If OP is consistently taking 10-15% of the profits maybe their ownership should reflect that?
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Liv Park
•This could trigger gift tax issues depending on the value of the company. If mom gives additional ownership percentage that has significant value, it might require filing a gift tax return. Also some S-corps have restrictions in their operating agreements about ownership transfers. But I agree it might be the cleanest solution long-term.
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