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bcdrawn
New Member

I have a Form 5498 IRA Contribution Information... where does that info get entered? It's a rollover contribution.

On the Turbo Tax screen it says rollovers are recorded on 1099-Rs and get recorded as such on the system. But, the form I have is a 5498...  ?
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3 Replies
PaulaM
Expert Alumni

I have a Form 5498 IRA Contribution Information... where does that info get entered? It's a rollover contribution.

Form 5498 is not entered anywhere in TurboTax. Keep for your records.

IRA contributions would be recorded in the IRA section, but a rollover is not a contribution. 

Rollovers can be taxable/nontaxable depending on what kind of retirement plan was rolled into the receiving type of plan. See IRS rollover chart below.

https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/What-Is-IRS-Form-5498-/INF14779.html

https://www.irs.gov/pub/irs-tege/rollover_chart.pdf 

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Klezmer
Returning Member

I have a Form 5498 IRA Contribution Information... where does that info get entered? It's a rollover contribution.

Box 2a of my 1099-R has taxble amount which is reduced by the rollover amount entered

in form 5498. Where is there a place on my 1040 to show the reduced taxable amount. 

I have a Form 5498 IRA Contribution Information... where does that info get entered? It's a rollover contribution.


@Klezmer wrote:

Box 2a of my 1099-R has taxble amount which is reduced by the rollover amount entered

in form 5498. Where is there a place on my 1040 to show the reduced taxable amount. 


If the IRA/SEP/SIMPLE box is checked then that is an improper 1099-R.      Traditional IRA distributions 1099-R's *require* that box a and box 2a have the same value and the "taxable amount not determined" box be checked.

 

If the 1099-R you received   has the IRA box checked and box 1 and 2a are not the same then contact the insurer for a corrected 1099-R .

 

You report any rollover amount in the TurboTax interview, the 1099-R does not report it.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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