You should enter the information exactly as it appears on Form 1099-R, including the Code 1 for the early distribution. When you make this entry, you will notice a change to your refund or balance due, but do not let this worry you!
Once you have entered the information here, TurboTax will ask you a series of follow-up questions. For the question "What did you do with the money?" you will answer, "I rolled it over." This will then adjust the tax (and the resulting refund or balance due.)
Form 5498 is not entered into TurboTax, but it is used by the IRS to confirm your rollover in their matching systems.
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