Tax Year Prior to 2020: 1099-R and Form 5498

[GregW]

We borrowed from our IRAs to purchase our new house prior to selling our old one.  We paid back the IRAs in the designated time period.

We have now received distributions on 1099-R and Form 5498 that equal the amounts we distributed.

my question, since we paid it back do we need to show the 1099-Rs and Form 5498s on our return?

[DawnC]

Only the 1099-R needs to be reported on your tax return.  

You don't need to enter information from your Form 5498 (IRA Contribution Information) into TurboTax.  Keep Form 5498 with your records for future reference when you need to determine the end of year value or your non-deductible investment basis of your IRA accounts.

Related Information:

• What Is IRS Form 5498?
• Where do I enter my Traditional or Roth IRA?
• Where do I enter my 1099-R?

[GregW]

Thank you...will this not show as income on our return?  Since it was a wash, how do we show that on our tax return?

GregW

[AmyC]

As you enter the 1099R for the IRA distributions, the program will ask questions to determine how the money should be taxed and if it should be taxed.

1. When you get to What did you Do with the Money From XXX?
2. Select the Answer I moved the money to another retirement account.
3. Then the screen appears with more answers:
4. Choose the top answer I rolled over all of this money to another account or returned it to the same account

[106-NW28]

As usual, I received 1099R forms for each of my two Valic annuities, but this year I also received a Form 5498 for one of them.  What is this form?  Do I enter it in my tax reform?  Where?

[LeonardS]

"Form 5498: IRA Contributions Information reports your IRA contributions to the IRS. Your IRA trustee or issuer - not you - is required to file this form with the IRS by May 31. ... You won't find this form in TurboTax, nor do you file it with your tax return. The copy you receive in the mail is a copy for your records."  Ref TurboTax What Is IRS Form 5498: IRA Contributions Information?

[Florencehooper14215]

I took a withdraw from my 401k, which I received a 1099R for.  It was put into an IRA, not a Roth IRA.  I only have a 5498 for the money being put into the IRA.  Shouldn't I be able to say it wasn't an early withdraw, but rather a transfer from one qualified plan to another?

[DoninGA]

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@Florencehooper14215 wrote:

I took a withdraw from my 401k, which I received a 1099R for.  It was put into an IRA, not a Roth IRA.  I only have a 5498 for the money being put into the IRA.  Shouldn't I be able to say it wasn't an early withdraw, but rather a transfer from one qualified plan to another?

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Did you have a code 1, 2 or 7 in box 7?   The question would have been asked what did you do with the money.  And you should have indicated that you moved to another retirement account.

Or was it a code G?  Then there would not a question asked for what you did with the money since the code G is a rollover.

[Cebc]

I received a 1099r after I filed.  From the new 401k investor that I forgot about.  I have tried to fill out a 1040x.  But when I get to the company it will not take my username and password.  It does take it at the investor site?  

[VictorW9]

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(If you're looking to access a prior year return, go here.)

Source: TurboTax FAQ and video

Related Information:

• I forgot my password in the TurboTax CD/Download software
• How do I update my TurboTax account information?
• Forgot your TurboTax Advantage login?
• I forgot my password in the TurboTax Mobile App
• How do I access a prior year return?

[jbmcvaugh]

Turbo Tax never asked me what I did with the 401K Distribution. By putting a "G" in Box 7, I am saying it was rolled over into a qualified plan. However, the after tax contribution to the 401K, about 3% of the total, was placed into a Roth IRA. But when I entered this into Turbo Tax, I went from a refund to owing $239,000!

If I don't mention the after tax money going to the Roth IRA, the refund reappears, but the full distribution still appears on Line 4c of 1040 form. I am worried about how this looks.

[macuser_22]

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@jbmcvaugh wrote:

Turbo Tax never asked me what I did with the 401K Distribution. By putting a "G" in Box 7, I am saying it was rolled over into a qualified plan. However, the after tax contribution to the 401K, about 3% of the total, was placed into a Roth IRA. But when I entered this into Turbo Tax, I went from a refund to owing $239,000!

If I don't mention the after tax money going to the Roth IRA, the refund reappears, but the full distribution still appears on Line 4c of 1040 form. I am worried about how this looks.

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Is the after-tax contributions in  box 5 on the 1099-R?

Is box 2a a 0 (zero)?

Was the before tax money rolled to a Traditional IRA?

If you only have one 1099-R with a code G then  TurboTax does not support splitting it to two different destinations - it must be entered as two 1099-R's.

[jbmcvaugh]

No. The after tax contribution to the 401(k), about 3% of the total, was rolled over into a Roth IRA. The major portion rolled into a traditional IRA. Only one 1099R, but two separate 5498's were submitted to the IRS.

[macuser_22]

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@jbmcvaugh wrote:

No. The after tax contribution to the 401(k), about 3% of the total, was rolled over into a Roth IRA. The major portion rolled into a traditional IRA. Only one 1099R, but two separate 5498's were submitted to the IRS.

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Again, what code is in box 7 on the 1099-R?

What is in box 2a,

What is in box 5?

I can tell you how to enter it but need to know that.

[smokyriver]

The permitted Roth contribution for 2019 is 7000 if you are over 65; I am over 65; my schedule C income was over $10,000 with over $500 in W2 income, so my total earned income was way higher than $7,000. Therefore on April 2, I contributed $7,000 to my Roth for 2019; but when I put $7,000 into field for Roth Contributions in 2019 TTax it calculated that $3,500 was "disallowed" and added tax on this.  Why is $3,500 disallowed under this circumstance?