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Retirement tax questions
A 5498 is only for your information and does not go on a tax return.
How you report it in TurboTax depends on how you withdrew the money and what code the financial institution puts in box 7 on your 2021 1099-R and if they also returned any earnings attributed to the excess.
You should have had it returned as a "return of contribution" along with any earnings and not just removed it yourself as a normal distribution.
**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.**
‎January 28, 2021
6:58 PM