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Level 2

Question

form 5498

4 replies
44 views

I entered all info for 3 IRA's (2 traditional and 1 rollover) when I got to section for entering info for form 5498, it asked for info from both traditional IRA's but not rollover WHY? Ps; I did not enter any ifo for any of the IRA's regarding 5498 form, as turbo tax told me info was automatically sent to IRS

IRA

Alumni - Intuit

When you roll over an IRA, it is not considered a new IRA contribution and won't be included on Form 5498.

Form 5498 is just an informational form and you are correct to not include it in your return!

Level 2

Even though form 5498 data may not need to be entered on the return, TurboTax needs to do a better job of explaining that within the basic IRA portion of the software

Alumni - Intuit

Thanks for your feedback!

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Level 15

A "Rollover IRA" is a traditional IRA.