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posted Jun 6, 2019 2:11:12 AM

I received a form 5498 for a direct rollover. I did not receive a form 1099r. Should I file a 1099r for the direct rollover?

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1 Best answer
Expert Alumni
Jun 6, 2019 2:11:14 AM

If the direct rollover was made as a trustee-to-trustee transfer involving no payment or distribution to you, you should not be receiving Form 1099-R and there is nothing to report on your tax return. Otherwise you should receive form 1099-R and you would report it as such in TurboTax.  Also, you should not file 5498, that form is for informational purposes only. 

In case you need 1099-R data entry:

  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R)

1 Replies
Expert Alumni
Jun 6, 2019 2:11:14 AM

If the direct rollover was made as a trustee-to-trustee transfer involving no payment or distribution to you, you should not be receiving Form 1099-R and there is nothing to report on your tax return. Otherwise you should receive form 1099-R and you would report it as such in TurboTax.  Also, you should not file 5498, that form is for informational purposes only. 

In case you need 1099-R data entry:

  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R)