I rolled the balance of my retirement plan from my...
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DianeS_5492
New Member

I rolled the balance of my retirement plan from my previous employer into a traditional IRA. How do I report the contribution as shown on my 5498? It looks like it wants to give me a credit.

 
2 Replies
DianeC958
Expert Alumni

I rolled the balance of my retirement plan from my previous employer into a traditional IRA. How do I report the contribution as shown on my 5498? It looks like it wants to give me a credit.

You should have received a 1099-R for the rollover from your retirement plan to a Traditional IRA.  The 1099-R shows the amount of the distribution and has Code G in Box 7 to indicate that it is a rollover.

 

You do not use the form 5498 to report this information in your return.

 

No you do not receive a deduction for rolling over your retirement plan to a Traditional IRA.

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dmertz
Level 15

I rolled the balance of my retirement plan from my previous employer into a traditional IRA. How do I report the contribution as shown on my 5498? It looks like it wants to give me a credit.

Do not report any of this under Deductions & Credits.  The fact that TurboTax seems to be giving you a Retirement Savings Contributions Credit for this on Form 8880 implies that you mistakenly entered it under Deductions & Credits and you need to go back an remove it from there.

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