I received both a 1099-R and a 5498 for an IRA account I rolled over from a Tradition IRA to another Traditional IRA. How do I properly report this?

[juliecordell2]

This IRA account is from a previous company I worked for and in 2016 they roller over the money to another Traditional IRA account. Also, do I need to report this if I move it to my 401k with my current company?

[AnnetteB · Accepted solution]

To report the rollover from one account to another, enter the information reported on your Form 1099-R.

After you enter the Form 1099-R, there will be some follow-up questions about whether it was rolled into a Roth type account.  You would answer No since it was rolled into a Traditional IRA.  Based on the “No” answer to that question, TurboTax can then assume that if it did not go into a Roth account, it was rolled into a Traditional IRA.  Therefore, it does not specifically ask you to confirm that.  That’s all you need to do to report the rollover.

Form 5498 is not entered into your tax return at all.  It is an informational form for your records.

If you decide to move the funds from the Traditional IRA to your new company’s plan, another Form 1099-R will be generated that you will include on your return for the year that the transaction takes place.

To go directly to the section of your return to enter the Form 1099-R, use these steps:

• On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)

• This opens a box where you can type in “1099-R” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)

• The search results will give you an option to “Jump to 1099-R”

• Click on the blue “Jump to 1099-R” link