- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How do I update 2016 IRA Information Worksheet for a 401K rollover to an IRA that occurred in 2015? It was under $4,000, and reported on form 5498.
Do I have to re-file 2015 return when this will have no tax impact? Can I update the information somehow on the 2016 tax return?
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How do I update 2016 IRA Information Worksheet for a 401K rollover to an IRA that occurred in 2015? It was under $4,000, and reported on form 5498.
Because you are using the Desktop edition of TurboTax, you will be able to edit your IRA information directly on the worksheet.
To do this:
- Open your return and click on the Forms icon at the top of the page.
- Search for the IRA Info Wks (IRA Information Worksheet).
- Scroll down to Part I Traditional IRA or Part II Roth IRA, depending upon which type yours is.
- For a traditional IRA, beside Quickzoom to enter beginning basis and adjustments, click the Quickzoom button.
- You will now be able to adjust your basis and deductible balance for 2015, as reported on your Form 5498.
If you didn't receive a 1099-R and didn't report this rollover in 2015, you won't need to amend your 2015 tax return unless a portion of this rollover included after-tax income. If it was, you will see an increase in the basis corresponding to the amount of after-tax income. In that case, you will need to amend your 2015 return to include Form 8606, Non-Deductible IRAs.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How do I update 2016 IRA Information Worksheet for a 401K rollover to an IRA that occurred in 2015? It was under $4,000, and reported on form 5498.
Because you are using the Desktop edition of TurboTax, you will be able to edit your IRA information directly on the worksheet.
To do this:
- Open your return and click on the Forms icon at the top of the page.
- Search for the IRA Info Wks (IRA Information Worksheet).
- Scroll down to Part I Traditional IRA or Part II Roth IRA, depending upon which type yours is.
- For a traditional IRA, beside Quickzoom to enter beginning basis and adjustments, click the Quickzoom button.
- You will now be able to adjust your basis and deductible balance for 2015, as reported on your Form 5498.
If you didn't receive a 1099-R and didn't report this rollover in 2015, you won't need to amend your 2015 tax return unless a portion of this rollover included after-tax income. If it was, you will see an increase in the basis corresponding to the amount of after-tax income. In that case, you will need to amend your 2015 return to include Form 8606, Non-Deductible IRAs.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How do I update 2016 IRA Information Worksheet for a 401K rollover to an IRA that occurred in 2015? It was under $4,000, and reported on form 5498.
Successfully used these instructions in the desktop version for 2019 taxes. Thanks
Still have questions?
Or browse the Forums