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turbojjolokai
New Member

I did a ira rollover and have a 5498 form. I need to know what section to enter this amount ?

5498 what page do i enter my rollover
5 Replies
DoninGA
Level 15

I did a ira rollover and have a 5498 form. I need to know what section to enter this amount ?

A Form 5498 is not entered on a tax return. 

If the rollover occurred in 2020 you will receive a Form 1099-R in January 2021 and report the tax data from the 1099-R on your 2020 tax return.

 

If the rollover occurred in 2019 then you should have received a Form 1099-R in January 2020 from the plan administrator.

 

To enter, edit or delete a form 1099-R -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

rjs
Level 15
Level 15

I did a ira rollover and have a 5498 form. I need to know what section to enter this amount ?

After you follow DoninGA's instructions to enter the Form 1099-R for the distribution that you rolled over, continue through the questions in sequence. You will come to a screen that asks what you did with the money. This is where you indicate that you did a rollover. The screen gives you two choices: (1) "moved the money to another retirement account (or returned it to the same retirement account," and (2) "did something else with it." Select the first choice. It will then ask you whether you rolled over all of it, converted all of it to a Roth IRA, or a combination. Select the appropriate response. If you did not roll over the full amount, enter the amounts that TurboTax asks for.

 

bobh49
New Member

I did a ira rollover and have a 5498 form. I need to know what section to enter this amount ?

 after completing entry of the 1099R I do not get a screen that asks me what I did with the funds.  Where do I enter the rollover amount?  

bobh49
New Member

I did a ira rollover and have a 5498 form. I need to know what section to enter this amount ?

filing a 2020 return in 2021 I do not see any place to enter the rollover amount?

 

SamS1
Expert Alumni

I did a ira rollover and have a 5498 form. I need to know what section to enter this amount ?

The 5498 is an informational form and is not entered into TurboTax.  Form 5498 is for informational purposes only. You are not required to file it with your tax return. This form is not posted until May because you can contribute to an IRA for the previous year through mid-April. This means you will have finished your taxes before you receive this form.

 

For a traditional rollover, you should have received a 1099R from your previous retirement plan provider for the funds that were rolled over.  If it was a trustee to trustee transfer, in other words you did not touch the funds, you should have received a 1099R with a "G" in box 7. When you entered this in TurboTax, you will not pay tax on the rolled amount.

 

If they sent the funds to you and you opened up an IRA then deposited the check, you may have received a 1099 with a "1, 2, or 7" in box 7.  There may be tax withholdings.  In the 1099-R screens in TurboTax you will need to indicate you rolled all the funds into another IRA or Retirement account within the Time Limits.  If you had withholdings, you needed to rollover the total amount of the distribution form box 1.  You would need to come up with additional funds to cover the withholdings for there to be no taxability.  

 

 

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