Rollover (Rollback): Moved $ out of ira and within 60 days rolled $500 back. Where in TTax information entered? Fidelity only gave me a 5498 which is useless in TTax?

[fnassief]

Using TurboTax Delux. Have done this before on turbotax but instructions seem to be missing.

Also I rolled it back into the same Fidelity IRA. I got no 1099r. Completely confused. IRS form 1040 gives instructions for this but Turbotax does not?

[Coleen3 · Accepted solution]

You would only need to enter anything on your return had you gotten a 1099-R. The fact that you did not get one indicates that the matter has been handled already. The IRA custodian recognizes the return of the funds.

[Coleen3]

How else can I help you?

[fnassief]

No answer this far has really addressed my problem. Fidelity tells me they did not reduce the 1099R withdrawal by the $500 I rolled back. So, my question remains: where in turbo tax’es software are the steps to: enter the $500 rollback? Again, this is not a 1099R action. And turbotax does not treat a 5498 as a vehicle where data can be entered. Signed: Totally frustrated and after 20+ years of using turbotax, may have to use the 1040 form and IRS instruction booklet to do my taxes in the future.

[Coleen3]

There is no way to address this without a 1099R. You would need to include the income and then in the interview process you show that you put the money back within the 60 days. No, the 5498 is not entered on any tax return.

From the IRS:

Many people are under the impression that they need Tax Form 5498 in order to file their final return. This tax form is for informational purposes only, and is not to be sent to the IRS along with your tax return. IRS regulations state that these tax forms must be sent to contributors by no later than May 31st of the next year. For this reason, most people have already filed their final return.

Even though you do not need to send Tax Form 5498 to the IRS along with your return, it is important that you keep this information for your records. Along with this, you should make sure that your contribution matches the amount in Box 1. If you believe there is an error, get in touch with your plan administrator as soon as possible. An inaccurate recording could lead to many issues, including lost money and taking the wrong tax deduction.

[VolvoGirl]

But did you get a 1099R for the original withdrawal?  That’s all you enter.  After you enter the 1099R it will ask what you did with it.  You say you moved it to another account even if you put it back into the same account and even if you just put back part of it.  Then it will ask you how much was rolled over or put back.  @dmertz

[dmertz]

If this distribution from your Fidelity IRA occurred in 2018, Fidelity would have issued to you a 2018 Form 1099-R reporting the distribution.  Contact Fidelity to obtain the missing form.

[fnassief]

Fidelity told me they do not issue a 1099 R for 60 day rollovers. They only send a 5498. Confused.

[dmertz]

I suspect what Fidelity was telling you is that the Form 1099-R will not show that some portion of the distribution was rolled back in, not that they don't issue a Form 1099-R.  If they paid any of the IRA out to you, even if you rolled some back in they certainly will have generated a Form 1099-R reporting that distribution.

[jholin]

The CARES ACT waived RMD's from IRA's in 2020.  Those RMD's already made could be rolled back but they will still appear as taxable on the 1099-R .  Then the IRA distribution $ show in the "a" line in the 1040.  TurboTax has some questions following 1099-R entry which (if you  read carefully and choose a box "NOT for RMD") eventually will allow posting a ROLLOVER $ amount.  Not intuitive but it gets to a net taxable IRA amount in the 1040's "b" line.    An explanation still needs to be entered for the "b" line in the 1040.

[jacklmc]

Please move the last reply to the top!

For your 2020 return you must select this was not an MRD in order to get options for putting in how much you rolled back. TT does a good job at that point.

'But this is not intuitive!

Very hard to figure this one out!

[Irene2805]

To indicate that you returned your distribution to your IRA, please follow the steps below.  HOWEVER, indicate that this was NOT a required minimum distribution:

TurboTax Online

1. Click on Federal > Wages & Income.
2. Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R). 
3. If you've already entered one (or more) 1099-Rs, you will see a screen Your 1099-R Entries.  Click the Edit link next to the 1099-R you wish to review.   
4. On the screen, Tell us if you moved the money through a rollover or conversion, mark the radio button,  I rolled over some or all of it to an IRA... and click Continue.
5. A few screens after the 1099-R input screen, you should see a screen, What Did You Do With The Money From 401k institution?  Mark the radio button next to I moved the money to another retirement account (or returned it to the same retirement account).  
6. On the next screen, Did you rollover the gross amount of $XX (Box 1)...  mark the appropriate radio button and click Continue.

TurboTax CD/Download

1. Click Federal Taxes > Wages & Income > I'll choose what I work on
2. Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R). 
3. If you've already entered one (or more) 1099-Rs, you will see a screen Your 1099-R Entries.  Click on the Edit link next to the 1099-R you wish to review.   
4. A few screens after the 1099-R input screen, you should see a screen, What Did You Do With The Money From this Payer?
5. Mark the radio button next to moved the money to another retirement account (or returned it to the same retirement account.
6. In the next section, mark the radio button next to the appropriate  selection [moved it all or did a combination…]
7. If you selected combination, a box will appear to enter the amount you rolled over or converted.  Click Continue.
8. Continue through the rest of the interview.