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Retirement tax questions
My wife received both a 1099R and a 5498 IRA, for her 401K that was rolled over into a regular IRA. TurboTax allows you to enter the 1099R but does not allow for the 5498 IRA to offset the "Total Distribution" reported in the 1099R. Thus resulting in a higher tax liability.
If I understand your suggestion correctly, we DO NOT need to report the amount of the 401K reported in the 1099R, since it was rolled over to a regular IRA. Is that correct?
‎July 8, 2020
12:25 PM