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Retirement tax questions
There is no where to enter a 5498 into TurboTax. The form 5498 reports to the IRS IRA contributions, the market value of the account on 12/31, required minimum distributions amounts and dates, and rollovers. Normally the 2020 5498 is not issued until after 4/15/21, as a taxpayer has until 4/15 to make a 2020 IRA contribution. You can request TurboTax track your non-deductible tax contributions if you make a traditional IRA contribution that is not tax deductible. When you start taking distributions from your IRA is when you will need the non-deductible contributions so to not pay tax on the non-deductible portion of the distribution.
March 15, 2021
4:40 PM
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