I am using TurboTax many years. Want to rollover my IRA from Bank A to Bank B. I entered 1099-R already, but do I need to do form 5498 too? please help!

[ToddL · Accepted solution]

You don't need to do anything with Form 5498.

 What do I do with Form 5498?

[hsunwen]

Dear Sir, so you means that I just file 1099-R and bank report 5498 for my IRA rollover process...
please answer...

[macuser_22]

You file the 1099-R.   The 5498 is for your information only.

[hsunwen]

Dear Sir, if I just file 1099-R and keep 5498 for my information. How does IRS know my IRA rollover to another account? thanks

[ToddL]

Was this a direct roll-over - did the funds go from Bank A straight to Bank B? (Distribution Code in Box 7 would be "G").

[hsunwen]

Thanks, Sir,
I got the check from Bank A and opened the new IRA account in Bank B. I am not sure this is direct roll-over or not?
The 1099-R show box 7 with 1 (early distribution)

[ToddL]

OK. When you enter this 1099-R in the program, one of the interview questions will ask what you did with the money. The correct answer is "You moved the money to another retirement account". I've added a sample screenshot of what you will see. This is where you tell the IRS you did a rollover.