@crafty redhead wrote:
I have this exact situation, in which I paid back money within the 60 days, but my bank (Wells Fargo) did NOT reflect this in the 5498. And I called them and they said something like "oh we don't report that information." so all I could figure out to do was to get the bank statements that show when I paid the money back, and now I have to amend my tax return and main the bank statements in to the IRS to show what was done. I'm not even sure where I'm supposed to put this "rollover" thing in Turbotax.
A 5498 is for your information and does not go on your tax return. But the Bank is required by law to report a 60 day rollover on box 2 of a 5498 form in May of the year after the rollover occurred.
Whether they did that of not is immaterial since you must report the rollover on your tax return. You should have a 1099-R for the distribution.
Enter a 1099-R here:
Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.
Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.
If this was a rollover or conversion, answer the question that you moved the money to another retirement account (can be the same account). The screen will open up with choices of where it was moved.
[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]
It will show as income on the summary screen which shows gross income, not taxable income.
The income will be reported on line 4a on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.
The taxable amount will go on line 4b. In the case of a rollover, that amount will be zero.
**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.**
