AnnetteB6
Employee Tax Expert

Get your taxes done using TurboTax

No, do not worry about Form 5498.  It is informational only and can be kept with your tax records.

 

As for the IRA contributions, both the $2000 non-deductible Traditional IRA contribution and the $4000 Roth IRA contribution should be entered into the tax return.  

 

The $2000 non-deductible Traditional IRA contribution must be entered in order to reconcile the Form 1099-R that is reporting the distribution of that money into a Roth IRA.  If the non-deductible contribution is not entered, then the distribution will be taxed.

 

As Mike9241 stated, the $4000 Roth contribution must also be entered so that TurboTax can advise you whether you were allowed to make a Roth IRA contribution directly based on income and other factors in your return.  If the contribution is not allowed for some reason, then you still can correct the situation without any taxes or penalties.  The contribution is not reported directly on your Form 1040.

 

@VAer 

 

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