Solved: I received a 1099-R from a former employer. I rolled over a 401K to my IRA since I left the company. Vanguard said I will not receive a Form 5498 until May or June.
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

I received a 1099-R from a former employer. I rolled over a 401K to my IRA since I left the company. Vanguard said I will not receive a Form 5498 until May or June.

 
1 Best answer

Accepted Solutions
New Member

I received a 1099-R from a former employer. I rolled over a 401K to my IRA since I left the company. Vanguard said I will not receive a Form 5498 until May or June.

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:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages and Income” ("Personal Income" in TurboTax Home & Business)
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Retirement Plans and Social Security”
  5. Choose "show more", then IRA, 401(k),Pension Plans (1099-R) and follow the onscreen instructions

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:

  • Sign into https://myturbotax.intuit.com/
  • Under Tax Timeline, click on Continue your return
  • Go to "My Account" > "Tools"
  • Under the Tools Center, select "view tax summary"
  • Select "Preview my 1040"

View solution in original post

1 Reply
New Member

I received a 1099-R from a former employer. I rolled over a 401K to my IRA since I left the company. Vanguard said I will not receive a Form 5498 until May or June.

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:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages and Income” ("Personal Income" in TurboTax Home & Business)
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Retirement Plans and Social Security”
  5. Choose "show more", then IRA, 401(k),Pension Plans (1099-R) and follow the onscreen instructions

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:

  • Sign into https://myturbotax.intuit.com/
  • Under Tax Timeline, click on Continue your return
  • Go to "My Account" > "Tools"
  • Under the Tools Center, select "view tax summary"
  • Select "Preview my 1040"

View solution in original post

Dynamic Ads
v
Privacy Settings