IRA tax-deferred rollover becomes a taxable withdrawal? Form 5498 to the rescue.

When a taxpayer rolls over their IRA/401(k) they receive a check from the old IRA/401k trustee (They will also issue a 1099-R, with code 7, Normal distribution if over age 59 1/2. The taxpayer normally gives the check to new trustee within 60 days to preserve tax deferral. However even if all of this is done[…]