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My husband is 62 and this year he took money out of his 401K. He immediately transferred it into 2 different IRAs. We have 2 form 5498s. Do I need to report this?
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You may not have to report the information on Form 5498, but if there is an entry in box 1 for contributions to a Traditional IRA, you may be able to deduct it.If he has a 1099-R for the distribution from his 401-k, he needs to report that.
If the proceeds were rolled over to the IRAs, there is a place to show that in the TurboTax interview. The question you will see is What did you do with the money? and you can answer that it was rolled over.
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