MarilynG1
Expert Alumni

Get your taxes done using TurboTax

1. Yes, the Form 5498 is for your records only. 

 

2. No, you don't need to account for the difference in the amount on your 1099-R and Form 5498.  Form 5498 tells you the fair market value of all the investments in your IRA account.

 

3. Yes, you entered correctly.  Basically, the 50K you rolled over to your Roth IRA is taxable; however, you already paid tax on it (which you reported).  Your Form 8606 is correct. 

 

Click this link for more discussion on Reporting Rollover with Tax Withheld. 

 

Here's more info on Form 5498,  Traditional to Roth Conversions and Form 8606 you may find helpful. 

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