How do i enter IRA Rollover Form 5498

[ulrich-fuchs77]

I received from on IRA Annuity a 1099 Gross distribution for with my account funds part of the funds I rolled over to an Fidelity IRA account and have received a form 5498 how do I enter the amount in turbotax Ulrich Fuchs

[CherylW · Accepted solution]

You don't enter Form 5498.  

When you entered your 1099-R (most likely with Code G), that automatically made your 1099-R distribution non-taxable.

[NeilBadger]

I agree , however the Bank issuing the 1099 didn't do this so it is a taxable event also withholding fed taxes.  How do I offset the deposit (withing 60 days) of the Funds into another IRA fund.???

[bobscheifele]

OK, I don't need to enter 5498.

But I received a 1099R for my 2020 RMD.  I returned the funds and received the 5498 showing a rollover.

However on my completed return it shows my 1099 distribution as fully taxable.  It should not be.

There are no codes on my 1099

Help!

[VolvoGirl]

There is a code in box 7.  A common code is a 7 (same as the box number)  so you might have missed it.

Since there is no RMD required for 2020,  after you enter the 1099R say it was NOT an RMD and then that you rolled it over (even if back into the same account).  Was any withholding taken out?  If it was then did you replace the withholding with your own money?  Otherwise the withholding will be a taxable distribution itself. You will get credit for the withholding taken out. 

If you already entered the 1099-R as RMD and changing your answer to the RMD question doesn't work then you have to delete and renter the 1099-R form. 

[Turtaxisforme]

I made an IRA roller this January  for an RMD taken last November and have not received form 5498.The rollover was made within the 60 day timeline. I was informed the form would not be sent until April which is after the taxes are due. How do I report it on my taxes?

[VolvoGirl]

You don't need the 5498.   You do not report the 5498 on your tax return.  You just enter the 1099R and say NO it was not the RMD (since no RMD was required for 2020).  Then say you rolled it over.  It will show up on 1040 line 4a for the full amount then should be zero on line 4b with the word ROLLOVER by it.  Unless you had any withholding taken out.  If you didn't replace the withholding from your own money then the withholding will become a taxable distribution itself.

[ctrueqk09]

I took a RMD before I knew we didn't have to do that in 2020. Then I returned some and got a Form 5498 showing the rollover contributions. Where do I enter that in Turbotax?

[VolvoGirl]

Read the answer right above your post.

[yfhwang123]

I didn't receive 1099R with code G with the amount shown in Form 5498.

[DavidD66]

@yfhwang123 Do you have a question about an IRA rollover?  If so, please restate and clarify.

[jprohask]

Turbotax says not to enter the 5498 data proving that a valid IRA rollover occurred however the 1099-R data on the total distribution of the original IRA is being fully taxed by the software.

[AnnetteB6]

Please clarify your situation a bit further so that someone can give you some guidance.  For example, you mentioned that you had a valid IRA rollover.  What type of account was rolled over and what type of IRA account accepted the rollover?

@jprohask