To report the
rollover from one account to another, enter the information reported on your
Form 1099-R.
After you enter the Form 1099-R, there will be some
follow-up questions about whether it was rolled into a Roth type account. You would answer No since it was rolled into a Traditional IRA. Based on the “No” answer to that question, TurboTax can then assume that if it
did not go into a Roth account, it was rolled into a Traditional IRA. Therefore, it does not specifically ask you
to confirm that. That’s all you need to
do to report the rollover.
Form 5498 is not
entered into your tax return at all.
It is an informational form for your records.
If you decide to move the funds from the Traditional IRA to
your new company’s plan, another Form 1099-R will be generated that you will
include on your return for the year that the transaction takes place.
To go directly to the section of your return to enter the
Form 1099-R, use these steps:
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 “1099-R” (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 1099-R”
Click on the blue “Jump
to 1099-R” link
