I have a 5498, so I enter the amount in box 2 as a traditional ira contribution?

timmyjohn77 · ‎June 1, 2019

I am using turbo tax and it is asking for ira contributions. I received a 5498. Do I report the amount in box 2 (rollover contibtion)?

macuser_22 · ‎June 1, 2019

No. A 5498 is information and does not go on a tax return. Rollovers are reported on a 1099-R and is NOT a new IRA contribution.

If you made a new IRA contribution it would be reported in box 1 on the 5498 form.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

macuser_22 · ‎June 1, 2019

No. A 5498 is information and does not go on a tax return. Rollovers are reported on a 1099-R and is NOT a new IRA contribution.

If you made a new IRA contribution it would be reported in box 1 on the 5498 form.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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I have a 5498, so I enter the amount in box 2 as a traditional ira contribution?