form 5498

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

2039

Expert Alumni

Feb 12, 2020 9:56:39 AM

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!

Returning Member

Mar 23, 2020 3:37:01 PM

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

Expert Alumni

Mar 23, 2020 4:01:07 PM

Thanks for your feedback!

Level 15

Mar 23, 2020 4:53:01 PM

A "Rollover IRA" is a traditional IRA.

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form 5498