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jp2426
New Member

How to enter 5498 where partial distribution from IRA

I had a withdrawal but was not able to pay the total amount back to the IRA. I did pay back partial in the correct time. how do I put in that amount as was listed on the 5498 verses the total amount on the 1099R in TurboTax? Also could I reduce the amount on withdrawal showing what I did put back into an IRA? 

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4 Replies
DanaB27
Expert Alumni

How to enter 5498 where partial distribution from IRA

Please follow these steps in TurboTax Desktop:

 

  1. Click "Federal Taxes" on the top and select "Wages & Income"
  2. Click "I'll choose what to work on"
  3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)”
  4. Enter your Form 1099-R
  5. Continue "What did you do with this money from this payer?" and select "I moved the money to another retirement account (or returned it to the same account)
  6. Then select “I did a combination of rolling over, converting, or cashing out money.” and enter the amount rolled over (returned to IRA) next to "Amount rolled over to another (or back to the same) retirement account
  7. Continue answering the questions.

 

Please follow these steps in TurboTax Online:

 

  1. Click on "Search" on the top right and type “1099-R” 
  2. Click on “Jump to 1099-R”
  3. Click "Continue" and enter the information from your 1099-R
  4. Answer questions until you get to “Tell us if you moved the money through a rollover or conversion”, choose “I rolled over some or all of it an IRA or retirement account within the time limits (normally 60 days)”, and click “Continue
  5. Select “No, I rolled over less than $xxxx and enter the amount returned to the IRA
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wwsmoker
New Member

How to enter 5498 where partial distribution from IRA

I never see the "tell us what you did..." on any screen after entering my 1099R

I needed to show that not all of the distribution was RMD. Then ttax asked what I did with the remainder of the distribution

 

DanaB27
Expert Alumni

How to enter 5498 where partial distribution from IRA

You cannot rollover an RMD. Therefore, if you indicate all of your distribution was an RMD you will not get the follow-up questions to tell TurboTax  this was a rollover.

 

If you took more than your RMD then you can rollover the extra amount only by following these steps:

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “1099-R”
  3. Click on “Jump to 1099-R” and enter your 1099-R
  4. Continue until "How much was a RMD?" and select "Only part of this distribution was a RMD"
  5. Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
  6. Continue answering the questions.

 

 

@wwsmoker 

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wwsmoker
New Member

How to enter 5498 where partial distribution from IRA

my mistake was to take the RMD question to mean: did the distribution include the RMD? In fact the distribution was all in excess of the RMD. Once I corrected my mistaken answer to the RMD question, all fell into place. This was a big help because I'd been advised, including by a ttax expert by phone, that I would require a Corrected 1099R. 

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