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You will just need to report this rollover as reported on your 1099-R. You will not need to input any information about the IRA reported on Form 5498 on your tax return. Form 5498 is for your records only.
Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on your tax return but none of it will be taxable. Just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot)
To enter your 1099- R in TurboTax Online (for TurboTax Online sign-in, click Here , then select "Take Me to My Return") or Desktop, please follow these steps:
Please note that all distributions will be reported on your tax return (whether or not they are taxable) on Form 1040 on line 15(a) (or 16(a) but only the taxable portion will show on your return as taxable on line 15(b) (or 16(b)).
To preview 1040 in TurboTax Online:
You will just need to report this rollover as reported on your 1099-R. You will not need to input any information about the IRA reported on Form 5498 on your tax return. Form 5498 is for your records only.
Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on your tax return but none of it will be taxable. Just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot)
To enter your 1099- R in TurboTax Online (for TurboTax Online sign-in, click Here , then select "Take Me to My Return") or Desktop, please follow these steps:
Please note that all distributions will be reported on your tax return (whether or not they are taxable) on Form 1040 on line 15(a) (or 16(a) but only the taxable portion will show on your return as taxable on line 15(b) (or 16(b)).
To preview 1040 in TurboTax Online:
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