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Level 2

Solved

I entered the 5498 ira how to correct it after i submitted it?

Forum|Forum|7 years ago
June 6, 2019
4 replies
0 views

HOw to do a correction on the state and federal returns after it has been submitted

TurboTax Deluxe Windows

Best answer by MichaelL1

If the Form 5498 got entered as income somehow then you will have to Amend the 2018 return that was already filed to move this amount.

I would print the return and look at it to make sure it was added to income.

The 5498 is an information document and show not be entered on the return.

Once the return has been filed it cannot be stopped (unless you get extremely lucky and IRS would reject it for some reason).

So you have to wait for the return to be processed and you get your refund.

Then approx February 28th you can go back into TurboTax and do the Amended return.

Level 15

Where did you enter the 5498 information in TurboTax?

As a contribution?

Did you make a contribution for 2018 tax year?

Level 2

It’s in my adjusted income.

Level 2

My husband contributed but I think it is pretax (like a 401k)

MichaelL1Answer

Level 15

If the Form 5498 got entered as income somehow then you will have to Amend the 2018 return that was already filed to move this amount.

I would print the return and look at it to make sure it was added to income.

The 5498 is an information document and show not be entered on the return.

Once the return has been filed it cannot be stopped (unless you get extremely lucky and IRS would reject it for some reason).

So you have to wait for the return to be processed and you get your refund.

Then approx February 28th you can go back into TurboTax and do the Amended return.