How do I record correctly a rollover from 401k to IRA? I received both a 1099-r and 5498.

[Cindy0H]

You will enter the 1099R in TurboTax on your 2018 tax return. You don't need to enter information from your Form 5498(IRA Contribution Information) into TurboTax.

When you enter the 1099-R into TurboTax, notice the code in Box 7.  The codes for a direct rollover are "G" or "H" (if a Roth).  TurboTax will pick up on this code and your distribution won't be taxable.

If this was an indirect rollover -- meaning you physically got the check and deposited the funds into another retirement account -- then you'll have a code other than "G" or "H".  In that case, you'll answer TurboTax's question about what you did with the money by checking the box that says you moved the money to another retirement account.  That will also result in it not being included in taxable income.

Here are the steps:

• Federal
• Wages & Income
• Retirement Plans and Social Security
• IRA, 401(k), Pension Plan Withdrawals (1099-R)

[janicekatz]

but turbo is including the money in our total income

[LindaB1993]

• Please re-check the Form 1099-R entry.  
• In Box 7- make sure the program has picked up the code "G".
• This code "G" will insure that it is properly identified as a direct rollover and non-Taxable.

[Anonymous]

It is an indirect rollover, so it's taxing me and adding to my income.  When I went back and selected G, it helped the tax situation, but error checker sees that it's not correct because I received the money, then rolled it into another account within 60-days.  What are the steps to properly note this? 

[Critter-3]

If this was an indirect rollover -- meaning you physically got the check and deposited the funds into another retirement account -- then you'll have a code other than "G" or "H".  In that case, you'll answer TurboTax's question about what you did with the money by checking the box that says you moved the money to another retirement account.  That will also result in it not being included in taxable income.

Here are the steps:

• Federal
• Wages & Income
• Retirement Plans and Social Security
• IRA, 401(k), Pension Plan Withdrawals (1099-R)

[VolvoGirl]

And did they take any withholding out of the check?  Then you had to replace the withholding with your own money when you deposited it into the IRA.  Or the withholding itself became a taxable distribution.   

[Anonymous]

Yes, I now see that I had to answer a few more questions. 

I didn't realize it was called an Indirect rollover until I called the investment guy.  So I answered the follow-up questions wrong.  I needed to select "I rolled this into an IRA." 

I had taken the money out and put it back in within 60-days; and didn't realize that was a "roll over" until I called him; which led me to post this question. I went back through the Q&A and had just selected the wrong answer initially (find and select the word roll-over :D)  Thanks!