Yes, but this is considered a roll over contribution. When Turbo Tax asks if you contributed to an IRA, it does not mean from rollovers. Please indicate that you did not contribute to an IRA, unless you contributed funds other than this rollover.
You also do not need to report your Form 5498. This form is for …… (continue with your answer) You have contributed to an IRA, with your 401K funds, however you do not need to report form 5498. This form is for informational purposes only. For more information about this form, please view the Turbo Tax link below.
https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Forms/What-Is-IRS-Form-5498--IRA-Contribution...
[edited, 02/02/17]
