turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cnauvaa1
New Member

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?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
dmertz
Level 15

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.

View solution in original post

6 Replies
dmertz
Level 15

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?

Why do you need to know the contribution amount?
cnauvaa1
New Member

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?

I sold the stocks at a loss.
dmertz
Level 15

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?

What is the code in box 7 of the Form1099-R?
Is the IRA/SEP/SIMPLE box marked?
cnauvaa1
New Member

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?

box 7: J  
IRA/SEP/SIMPLE is not marked
cnauvaa1
New Member

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?

Thank you @dmertz that was very helpful
dmertz
Level 15

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.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies