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I received a Form 1099R and Form 5498 for the same amount. Do I have to report the distribution and contribution or do I just report the contribution?

 
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1 Reply
Coleen3
Intuit Alumni

I received a Form 1099R and Form 5498 for the same amount. Do I have to report the distribution and contribution or do I just report the contribution?

If you had both, you would report both.

To enter your 2017 IRA contribution (money you put into your IRA), open your return, search for IRA contributions inside your TurboTax program, and then click the "Jump to" link in the search results. We'll take you to the Traditional IRA and Roth IRA screen where you can start the IRA interview.

Now, if you need to enter a 2017 IRA distribution (money you took out of your IRA), or a conversion, rollover, or recharacterization, this will be reported on a Form 1099-R, which you should get from your IRA custodian by mid-February. Once you have your 1099-R, enter it in TurboTax.

  1. Inside TurboTax, search for 1099-R or 1099R (lower-case works too) and then click or tap the "Jump to" link in the search results.
  2. Answer Yes on the Your 1099-R screen, then click or tap Continue.
  • If you land on the Your 1099-R Entries screen instead, click or tap Add Another 1099-R.

  1. Select how you want to enter your 1099-R (import or type it in yourself) and then follow the onscreen instructions.

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