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posted Jun 1, 2019 4:33:43 AM

I have a form 1099-R for 280,000. We took out from IRA. We out 180,000 back within 60 days. We got a 5498 for the 180,000. How do i enter the 5498?

How do I enter 5498 form in Turbo Tax?

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1 Best answer
Expert Alumni
Jun 1, 2019 4:33:44 AM

Don't enter form 5498 into TurboTax; your account custodian sends it to you for informational purposes only. We recommend that you keep it with your tax return records.

 

You would enter the 1099-R form and report that you rolled over $180,000.

 

On the What Did You Do With the Money From This Payer? screen, select the following options:

  1. I moved the money to another retirement account(or returned it to the same retirement account).
  2. I did a combination of rollover over, converting, or cashing out the money.
  3. Enter the amount rolled over.

[Edited 3-10-2020|6:42 am PST]

1 Replies
Expert Alumni
Jun 1, 2019 4:33:44 AM

Don't enter form 5498 into TurboTax; your account custodian sends it to you for informational purposes only. We recommend that you keep it with your tax return records.

 

You would enter the 1099-R form and report that you rolled over $180,000.

 

On the What Did You Do With the Money From This Payer? screen, select the following options:

  1. I moved the money to another retirement account(or returned it to the same retirement account).
  2. I did a combination of rollover over, converting, or cashing out the money.
  3. Enter the amount rolled over.

[Edited 3-10-2020|6:42 am PST]