I'm over 50 and moved $5000 from my mutual fund to my Roth IRA with same fund company. Do I pay taxes on the $5000 from 1099-B they aren't sending to IRS?

[fatebridges-sbcg]

Again, thank you so much for the help.

On the 1099-B, Gain/Loss is 0.  

The ** is in the Cost Basis Method box. (** - This information is not being reported to the IRS).

What form should I use to report that I put the money into the Roth IRA?

 ON the top of the form, it talks about reporting on Form 8949 Part 1 or Form 8949 part @ with Box E checked as appropriate.  (On box E of the 1099-B), Cost or other basis is 0.

[dmertz]

These are uncovered shares, meaning that you, not the brokerage, must determine the cost basis needed to calculate the gain or loss.  The cost basis cannot be zero; something had to have been paid to purchase these shares.

[fatebridges-sbcg]

Thank you again,

I will look at the fund's material to determine cost basis (try to)

Another "fun" fact is on 1/4/21, I did the same thing for $7,000 for the 2021 tax year. So hopefully I can navigate this better next year.

So just to be sure,

1. I need to find the Cost basis and report on Form 8949?

2. I need to file a Form 5498 to show my contribution to IRA?

thanks so much

[dmertz]

1. Yes.
2. No, the Roth IRA custodian prepares Form 5498, then sends it to you and to the IRS.

What you do is enter the Roth IRA contribution for 2020 into 2020 TurboTax under Deductions & Credits.  You don't need to wait for the Form 5498 to do that.

[fatebridges-sbcg]

Ok, I will do that.

Thank you so much for your help, time, and patience.

My first interaction in this "community" has been awesome!!