☛ Note: The trustee of the first IRA must report the recharacterization as a…

original contribution and its character on Form 5498). 547 Taxable Amount Not 1 Enter “1” (one) only if the taxable amount of the payment entered Determined for Payment Amount Field 1 (Gross Distribution) of the “B” Record

cannot be computed; otherwise, enter blank. (If Taxable Amount Not Determined Indicator is used, enter “0’s” [zeros] in Payment Amount Field 2 of the Payee “B” Record.) Please make every effort to compute the taxable amount.

548 IRA/SEP/SIMPLE Indicator

1 Enter “1” (one) for a traditional IRA, SEP, or SIMPLE distribution or Roth conversion; otherwise, enter a blank. ( See Note. ) If the IRA/SEP/SIMPLE Indicator is used, enter the amount of the Roth conversion or distribution in Payment Amount Field A of the Payee “B” Record. Do not use the indicator for a distribution from a Roth or Coverdell ESA or for an IRA recharacterization.