From 5498

[Greg5187]

I received a form 5498 for a $700K conversion from a 401K to an IRA. Do i need to input this into my turbo tax? If so, where / how?

[Greg5187]

A Form 5498 is not entered on a tax return.

[ThomasM125]

You do need to report the IRA conversion but you should have received a Form 1099-R for that. When you enter the 1099-R form in TurboTax for the rollover of funds to the Roth IRA, you need to first indicate that you moved the money to another retirement account and that you did a combination of rolling over, converting or cashing out the money. Then, enter the amount converted to a ROTH IRA. The entry is in the Wages and Income section, then Retirement Plans and Social Security, then IRA, 401(k), Pension Plan withdrawals (1099-R):