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ulrich-fuchs77
New Member

How do i enter IRA Rollover Form 5498

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


1 Best answer

Accepted Solutions
CherylW
Level 3

How do i enter IRA Rollover Form 5498

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.

View solution in original post

10 Replies
CherylW
Level 3

How do i enter IRA Rollover Form 5498

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.

View solution in original post

NeilBadger
New Member

How do i enter IRA Rollover Form 5498

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.???

bobscheifele
Returning Member

How do i enter IRA Rollover Form 5498

OK, I don't need to enter 5498.

But I received a 1099R for my 2020 RMD.  I returned the funds and received the 5498 showing a rollover.

However on my completed return it shows my 1099 distribution as fully taxable.  It should not be.

There are no codes on my 1099

Help!

VolvoGirl
Level 15

How do i enter IRA Rollover Form 5498

There is a code in box 7.  A common code is a 7 (same as the box number)  so you might have missed it.

 

Since there is no RMD required for 2020,  after you enter the 1099R say it was NOT an RMD and then that you rolled it over (even if back into the same account).  Was any withholding taken out?  If it was then did you replace the withholding with your own money?  Otherwise the withholding will be a taxable distribution itself. You will get credit for the withholding taken out. 

 

If you already entered the 1099-R as RMD and changing your answer to the RMD question doesn't work then you have to delete and renter the 1099-R form. 

 

Turtaxisforme
New Member

How do i enter IRA Rollover Form 5498

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

How do i enter IRA Rollover Form 5498

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.

ctrueqk09
New Member

How do i enter IRA Rollover Form 5498

I took a RMD before I knew we didn't have to do that in 2020. Then I returned some and got a Form 5498 showing the rollover contributions. Where do I enter that in Turbotax?

 

VolvoGirl
Level 15

How do i enter IRA Rollover Form 5498

Read the answer right above your post.

yfhwang123
Returning Member

How do i enter IRA Rollover Form 5498

I didn't receive 1099R with code G with the amount shown in Form 5498.

 

DavidD66
Expert Alumni

How do i enter IRA Rollover Form 5498

@yfhwang123 Do you have a question about an IRA rollover?  If so, please restate and clarify.

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