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Level 1
posted Feb 24, 2024 1:30:23 AM

401K to Roth IRA annual conversion in Form 5498

Each year I conversion a small portion of 401K into Roth IRA. The financial institution generates only Form 5498. My understanding is that this conversion is taxed. How do I enter this conversion into Turbotax since there is not a 1099-R generated by the financial institution? Thank you.

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1 Replies
Expert Alumni
Feb 24, 2024 6:10:46 AM

Your financial institution is required to issue you a Form 1099-R for the 401(k) to Roth IRA conversion. You cannot complete your tax return without it.  Please contact the 401(k) plan to get the Form 1099-R.