I have a 5498 form for 5,000 that I took out of a pension IRA and converted it to a Roth IRA. How do I indicate this? I think I have to pay taxes on this amount.

Forum|Forum|7 years ago
June 6, 2019
1 reply
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I received a Pension buyout, converted to a traditional IRA and then took out $5,000 and put in a Roth IRA.

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macuser_22

Alumni - Champ

A 5498 is information only and does not get entered anywhere.

You should have received a 1099-R reporting the distribution. You report the conversion by answering the 1099-R interview questions.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

If this was a IRA rollover or conversion, answer the question that you moved the money to another retirement account (can be the same account). The screen will open up with choices of where it was moved.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

The income will be reported on line 15a on a 1040 form.

The taxable amount will go on line 15b.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**