I converted my 2020 RMD to Roth. Amount reported correctly on 1099-R with distribution code 7 in box 7 since I am over 70.5. How do I force TT to report this on 5498?

[momquattlebaum]

I went through the Trad

[DanaB27]

You do not report a conversion on Form 5498. Form 5498 is prepared by your financial institution for IRA contributions. You will have to enter your Form 1099-R in TurboTax to report the conversion.

Generally, you cannot convert RMD to a Roth IRA. But RMDs were waived for 2020 and you must indicate to TurboTax that none of the distribution was RMD. If you already enter the 1099-R as RMD and changing your answer to the RMD question doesn't work then you have to delete and renter the 1099-R form. 

You will not enter this as an IRA contribution under Deduction & Credits. Please enter your 1099-R and follow these steps to enter the conversion:

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”
4. Click "Continue" and enter the information from your 1099-R
5. Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”

[Edited 3/8/2021 | 5:00am PST]

[dmertz]

Form 5498 is a form prepared by your Roth IRA custodian and is generally issued in May.  It has nothing to do with filing your tax return.  A Roth conversion goes on Form 8606 if the distribution was from a traditional IRA (IRA/SEP/SIMPLE box marked on the Form 1099-R), which TurboTax will automatically prepare Form 8606 when you enter the Form 1099-R and indicate what you did with the money and will included the taxable amount on Form 1040 line 4b.

If the distribution was from a qualified retirement plan (the IRA/SEP/SIMPLE box not marked on the Form 1099-R provided by the payer), the transaction is not reported on any form of your tax return having to do with IRAs; it is not reported on Form 8606.  The taxable amount will simply be included on Form 1040 line 5b.