- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
My 1099-R does not provide the contribution I made due to contributions made to the account when it was with the previous employer. Do I need the form 5498 for this?
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
My 1099-R does not provide the contribution I made due to contributions made to the account when it was with the previous employer. Do I need the form 5498 for this?
A code J Form 1099-R will never show the amount of previous contributions and conversions to a Roth IRA because it is your responsibility to track the basis in contributions and conversions. If you rolled over to a Roth IRA a designated Roth account in a previous employer's qualified retirement plan (like a 401(k)), with code B or code H on the Form 1099-R issued by that plan, the amount in box 5 of the code B or code H Form 1099-R became contribution basis in your Roth IRAs. If you converted from a traditional account in either a employer's qualified retirement plan or IRA-based SEP or SIMPLE plan, the entire amount became conversion basis in your Roth IRAs.
After clicking the Continue button on the Your 1099-R Entries page, TurboTax will ask you for your contribution and conversion basis in Your Roth IRAs and use these amounts to determine the taxable amount of your Roth IRA distribution. If you distributed all of your Roth IRAs in 2017 and the total distributed was less than the sum of your contribution and conversion basis due to investment losses within your Roth IRAs, TurboTax will automatically generate a miscellaneous deduction subject to the 2%-of-AGI floor for the unrecoverable basis. Whether or not you will actually get a deduction for the unrecoverable basis will depend on whether or not you itemize and your AGI.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
My 1099-R does not provide the contribution I made due to contributions made to the account when it was with the previous employer. Do I need the form 5498 for this?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
My 1099-R does not provide the contribution I made due to contributions made to the account when it was with the previous employer. Do I need the form 5498 for this?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
My 1099-R does not provide the contribution I made due to contributions made to the account when it was with the previous employer. Do I need the form 5498 for this?
Is the IRA/SEP/SIMPLE box marked?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
My 1099-R does not provide the contribution I made due to contributions made to the account when it was with the previous employer. Do I need the form 5498 for this?
IRA/SEP/SIMPLE is not marked
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
My 1099-R does not provide the contribution I made due to contributions made to the account when it was with the previous employer. Do I need the form 5498 for this?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
My 1099-R does not provide the contribution I made due to contributions made to the account when it was with the previous employer. Do I need the form 5498 for this?
A code J Form 1099-R will never show the amount of previous contributions and conversions to a Roth IRA because it is your responsibility to track the basis in contributions and conversions. If you rolled over to a Roth IRA a designated Roth account in a previous employer's qualified retirement plan (like a 401(k)), with code B or code H on the Form 1099-R issued by that plan, the amount in box 5 of the code B or code H Form 1099-R became contribution basis in your Roth IRAs. If you converted from a traditional account in either a employer's qualified retirement plan or IRA-based SEP or SIMPLE plan, the entire amount became conversion basis in your Roth IRAs.
After clicking the Continue button on the Your 1099-R Entries page, TurboTax will ask you for your contribution and conversion basis in Your Roth IRAs and use these amounts to determine the taxable amount of your Roth IRA distribution. If you distributed all of your Roth IRAs in 2017 and the total distributed was less than the sum of your contribution and conversion basis due to investment losses within your Roth IRAs, TurboTax will automatically generate a miscellaneous deduction subject to the 2%-of-AGI floor for the unrecoverable basis. Whether or not you will actually get a deduction for the unrecoverable basis will depend on whether or not you itemize and your AGI.
Still have questions?
Make a post