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Iamtodd
Returning Member

Do I pay tax on rollover IRA? Got 1099-R & 5498, but TT says higher tax & penalty for early w/d & doesn't ask about rollover. Says don't enter info from 5498.

Wife worked for school district & rolled over retirement account after leaving. Entered 1099-R and says I will owe more taxes, but doesn't ask about rollover (form 5498).
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DavidD66
Expert Alumni

Do I pay tax on rollover IRA? Got 1099-R & 5498, but TT says higher tax & penalty for early w/d & doesn't ask about rollover. Says don't enter info from 5498.

As you go through the IRA section of the program it will ask you "What Did You Do With The Money From [Retirement Plan]"? Be sure you indicate that you "rolled over all of this money to an IRA or other retirement account (or returned it to the same account)."

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