How do i enter IRA Rollover Form 5498

Forum|Forum|7 years ago
June 1, 2019
2 replies
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I received from on IRA Annuity a 1099 Gross distribution for with my account funds part of the funds I rolled over to an Fidelity IRA account and have received a form 5498 how do I enter the amount in turbotax Ulrich Fuchs

TurboTax Business Windows

Best answer by CherylW

You don't enter Form 5498.

When you entered your 1099-R (most likely with Code G), that automatically made your 1099-R distribution non-taxable.

CherylWAnswer

Level 11

You don't enter Form 5498.

When you entered your 1099-R (most likely with Code G), that automatically made your 1099-R distribution non-taxable.

NeilBadger

Level 2

I agree , however the Bank issuing the 1099 didn't do this so it is a taxable event also withholding fed taxes. How do I offset the deposit (withing 60 days) of the Funds into another IRA fund.???

jprohask

Level 2

Turbotax says not to enter the 5498 data proving that a valid IRA rollover occurred however the 1099-R data on the total distribution of the original IRA is being fully taxed by the software.

Turtaxisforme

Level 2

I made an IRA roller this January for an RMD taken last November and have not received form 5498.The rollover was made within the 60 day timeline. I was informed the form would not be sent until April which is after the taxes are due. How do I report it on my taxes?

VolvoGirl

Level 15

You don't need the 5498. You do not report the 5498 on your tax return. You just enter the 1099R and say NO it was not the RMD (since no RMD was required for 2020). Then say you rolled it over. It will show up on 1040 line 4a for the full amount then should be zero on line 4b with the word ROLLOVER by it. Unless you had any withholding taken out. If you didn't replace the withholding from your own money then the withholding will become a taxable distribution itself.