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Level 1

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? 

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Level 1

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:

  1. Open your return and click on the Forms icon at the top of the page.
  2. Search for the IRA Info Wks (IRA Information Worksheet).
  3. Scroll down to Part I Traditional IRA or Part II Roth IRA, depending upon which type yours is.
  4. For a traditional IRA, beside Quickzoom to enter beginning basis and adjustments, click the Quickzoom button.
  5. 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.

1 Reply
Level 1

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:

  1. Open your return and click on the Forms icon at the top of the page.
  2. Search for the IRA Info Wks (IRA Information Worksheet).
  3. Scroll down to Part I Traditional IRA or Part II Roth IRA, depending upon which type yours is.
  4. For a traditional IRA, beside Quickzoom to enter beginning basis and adjustments, click the Quickzoom button.
  5. 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.