My husband is 62 and this year he took money out of his 401K. He immediately transferred it into 2 different IRAs. We have 2 form 5498s. Do I need to report this?

toni-lang · ‎June 5, 2019

IsabellaG · ‎June 5, 2019

You may not have to report the information on Form 5498, but if there is an entry in box 1 for contributions to a Traditional IRA, you may be able to deduct it.If he has a 1099-R for the distribution from his 401-k, he needs to report that.

If the proceeds were rolled over to the IRAs, there is a place to show that in the TurboTax interview. The question you will see is What did you do with the money? and you can answer that it was rolled over.

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View solution in original post

IsabellaG · ‎June 5, 2019

You may not have to report the information on Form 5498, but if there is an entry in box 1 for contributions to a Traditional IRA, you may be able to deduct it.If he has a 1099-R for the distribution from his 401-k, he needs to report that.

If the proceeds were rolled over to the IRAs, there is a place to show that in the TurboTax interview. The question you will see is What did you do with the money? and you can answer that it was rolled over.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

My husband is 62 and this year he took money out of his 401K. He immediately transferred it into 2 different IRAs. We have 2 form 5498s. Do I need to report this?