On the Turbo Tax screen it says rollovers are recorded on 1099-Rs and get recorded as such on the system. But, the form I have is a 5498... ?
Form 5498 is not entered anywhere in TurboTax. Keep for your records.
IRA contributions would be recorded in the IRA section, but a rollover is not a contribution.
Rollovers can be taxable/nontaxable depending on what kind of retirement plan was rolled into the receiving type of plan. See IRS rollover chart below.
https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/What-Is-IRS-Form-5498-/INF14779.html
Box 2a of my 1099-R has taxble amount which is reduced by the rollover amount entered
in form 5498. Where is there a place on my 1040 to show the reduced taxable amount.
@Klezmer wrote:
Box 2a of my 1099-R has taxble amount which is reduced by the rollover amount entered
in form 5498. Where is there a place on my 1040 to show the reduced taxable amount.
If the IRA/SEP/SIMPLE box is checked then that is an improper 1099-R. Traditional IRA distributions 1099-R's *require* that box a and box 2a have the same value and the "taxable amount not determined" box be checked.
If the 1099-R you received has the IRA box checked and box 1 and 2a are not the same then contact the insurer for a corrected 1099-R .
You report any rollover amount in the TurboTax interview, the 1099-R does not report it.