I rolled over an IRA from one financial institution to another and was issued a 1099-R and 5498 but TurboTax won't allow me to enter the amount I rolled over so it looks like I took a distribution. How can I fix this?
If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 and make sure it’s right. For 1099R check 1040 line 4a/5a and 4b/5b for any taxable amount. If it was a rollover it should say ROLLOVER by the “b” line and 0 taxable.
You don’t need to enter the 5498.
Normally, you will have a code "G" in box 7 of your Form 1099-R when you have a non-taxable rollover and usually your taxable income in box 2a will be $0 or the box will be blank. If not, then it could the entries on the 1099-R form that are causing the problem. If you could clarify what code or codes you have in box 7 and the amount in box 2a we can help you better.
If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 and make sure it’s right. For 1099R check 1040 line 4a/5a and 4b/5b for any taxable amount. If it was a rollover it should say ROLLOVER by the “b” line and 0 taxable.
You don’t need to enter the 5498.
@ThomasM125 , code G is never used for a rollover of one IRA to another. Code G is only used for a rollover to or from an employer plan like a 401(k).
@julielpena , what is the code in box 7 of the Form 1099-R? Is the IRA/SEP/SIMPLE box marked?