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I need to enter three Forms 5498-IRA to show my contributions to offset my withdrawal.

 
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2 Replies
JohnB5677
Expert Alumni

I need to enter three Forms 5498-IRA to show my contributions to offset my withdrawal.

Although you don't enter the 5498 forms, the information is needed when you take an IRA distribution. There may be non-deductible contributions that are tracked on Form 8606. 

After you enter the 1099-R you should continue to walk through the interview. You will come to the question "Any Nondeductible Contributions to your IRA?".  Answer Yes if there are any.

 

  • You will input the basis from Form 8606, and then on the next screen enter the total value of all your IRAs from Form 5498's (Box 5). 
  • From here, the program will calculate the amount of the withdrawal/distribution that is tax free.

@philip-morgan53

Edited 02/12/2024

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I need to enter three Forms 5498-IRA to show my contributions to offset my withdrawal.

You don't enter the 5498.  After you enter the 1099R it will ask what you did with the money.  You pick you moved or rolled it over to another account even if you put it back into the same account.  Then it will expand to enter the amount you rolled over.  You only had 60days to put it back or into a new account.  And you might only be able to do that once a year.  @dmertz 

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