My employer submitted my IRA information on a 1099-MISC form. The investment company sent me a Form 5498. Do I submit the information on my return twice?
You'll need to sign in or create an account to connect with an expert.
A Form 5498 is an informational form only. It is not entered anywhere on a tax return.
The 1099 MISC form shows the contribution as miscellaneous income. I've entered the amount from the the 5498 on my return, do I still have to include the amount again as miscellaneous income?
@Lynneme1 wrote:
The 1099 MISC form shows the contribution as miscellaneous income. I've entered the amount from the the 5498 on my return, do I still have to include the amount again as miscellaneous income?
No. The Roth IRA contribution is only entered once.
To enter a IRA contribution -
Or enter ira contributions in the Search box located in the upper right of the program screen. Click on Jump to ira contributions
Huh? Why did your employer give you a form for your contribution? Talk to your employer. A 1099Misc is totally wrong. Or did they include it in your income or give you the money to make the contribution?
Still have questions?
Make a postDid the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.