I consolidated multiple IRA CD accounts into a new IRA within the same bank in a single transaction on the same day. I got a 1099-R with Box 7 Distribution code 1. The bank also sent me 5498 and say that the amounts reported in 5498 and 1099-R offset and are not taxable. However, TurboTax does not let me input 5498 and the IRA to IRA fund movement is now showing as taxable in TurboTax with penalty assessed for early distribution. How to input this correctly in TurboTax?
