You need to just keep Form 5498 for 2020 in your tax records. It is not reported on your tax return. Instead, it is sent to the IRS so that they can compare records of IRA contributions with tax returns reporting IRA contributions. You will receive your 2021 Form 5498 later in the year.
There are no other forms generated for IRA accounts unless you take a distribution. In that case, you would receive Form 1099-R.
You need to enter the amount that was contributed to your IRA for 2021 in the IRA Contributions section of your return. This will allow TurboTax to determine whether you qualified to make a contribution, what type of IRA you contributed to, and determine if the contribution is tax-deductible.
Use the following steps to get started:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “IRA contributions” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to IRA contributions”
- Click on the blue “Jump to IRA contributions” link and enter your information
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