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How do I enter my 5498 IRA contributions

 
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New Member

How do I enter my 5498 IRA contributions

You don't need to enter information from your Form 5498 (IRA Contribution Information) into TurboTax - generally you will find the information you need to enter into your return about your IRA contributions on Form 1099-R.  

there is no filing requirement for Form 5498 - just retain it for your records.

For information about how to enter your IRA contributions into TurboTax, please see the following TurboTax FAQ, ", "Where do I enter my Traditional or Roth IRA?":

https://ttlc.intuit.com/replies/5581631

For more information about Form 5498, please see the following TurboTax FAQ, "What do I do with Form 5498?":

https://ttlc.intuit.com/replies/3301419

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New Member

How do I enter my 5498 IRA contributions

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How do I enter my 5498 IRA contributions

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How do I enter my 5498 IRA contributions

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New Member

How do I enter my 5498 IRA contributions

You don't need to enter information from your Form 5498 (IRA Contribution Information) into TurboTax - generally you will find the information you need to enter into your return about your IRA contributions on Form 1099-R.  

there is no filing requirement for Form 5498 - just retain it for your records.

For information about how to enter your IRA contributions into TurboTax, please see the following TurboTax FAQ, ", "Where do I enter my Traditional or Roth IRA?":

https://ttlc.intuit.com/replies/5581631

For more information about Form 5498, please see the following TurboTax FAQ, "What do I do with Form 5498?":

https://ttlc.intuit.com/replies/3301419

View solution in original post

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Level 1

How do I enter my 5498 IRA contributions

What to do if I don't have Form 1099-R, but I only have Form 5498?

I had 401K in Fidelity, and opened IRA account in Fidelity as well, then made rollover from 401k to IRA. I am not sure why Fidelity only issued Form 5498 without 1099-R for my rollover. Do I need to report this rollover in my tax return? If yes, how?

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Expert Alumni

How do I enter my 5498 IRA contributions

No, you do not need to report.  Besides, you do not need to report Form 5498, either.  It is your contribution information and not required to be filed.  

 

If you roll over funds from a 401(k) to a traditional IRA, you won't have to pay taxes on the rollover. Your money will remain tax-deferred, and you won't be taxed on it until you withdraw money from it permanently.

 

@jinyehe

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Level 2

How do I enter my 5498 IRA contributions

I need to get credit for $7,000 returned to my IRA within the time limit.  I am told by Fidelity that my taxable withdrawals will be reduced by this amount and I should "reference form 5498".  How do i do that?

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Level 15

How do I enter my 5498 IRA contributions


@forrest4 wrote:

I need to get credit for $7,000 returned to my IRA within the time limit.  I am told by Fidelity that my taxable withdrawals will be reduced by this amount and I should "reference form 5498".  How do i do that?


Maybe by "reference the Form 5498" they mean for you to refer to your Form 5498; i.e., to look at it.  Have you received your Form 5498 for 2019?   If so, are the figures shown there prior to or after the return of the $7,000?    I'm not a tax person, so I'm going to ask someone familiar with retirement tax situations to comment in this thread.  It may or may not be today.

 

@dmertz   Are you please able to assist here when you are next in the forum?   Thanks!

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Level 2

How do I enter my 5498 IRA contributions

Wow!  Thanks so much for reading my question!!

Not sure what you meant by "Are you able to assist ..." but I will certainly be happy to help if I can.  Several years ago I actually helped someone with SC taxes but that was it.

Back to this:  I am thinking ahead to 2020 so I don't have the 2020 form.  I have plenty of 1099-R and 5498 forms so I feel I can guess what they will say.  1099-R will report in box 1 that I withdrew a certain amount (including the $7,000) and will report that is all taxable in box 2a.  I am guessing about Form 5498 but it should say that I 'returned' $7,000.

I fired up Turbotax 2019 which is the latest version.  I realize it is not 2020.  I made a fake return will all the information I have or anticipate and could not find anyplace to enter the minus $7,000 or Form 5478.  I tried telling Turbotax that I contributed $7,000 and it went berserk.  It not only won't reduce my taxable withdrawals as it should, it wants me to may 6% of the $7,000 until it is all withdrawn.  Bummer.

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Level 15

How do I enter my 5498 IRA contributions

@forrest4  wrote:  "Not sure what you meant by "Are you able to assist ..." "

 

 The last line of my comment above asking someone to assist was not addressed to you.  It was directed to a specific person (dmertz), who is knowledgeable in retirement tax situations.  I had mentioned I was going to ask a specialist to join in since I'm not a tax person.     By adding that line addressing him to my comment above that's how I notified him to look at your question when he's next around.   If you look again, you'll see that it has his name by it and an "@" which notifies him.    I don't know if he will be in the forum today or not.

 

You're additional info is helpful, however, and he should be able to tell you how all that will work on next year's return.

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Level 15

How do I enter my 5498 IRA contributions

forrest4, it seems that you are saying that you rolled an IRA distribution over to the same IRA account from which the distribution was taken.

 

Since the distribution will occur in 2020, presumably the Form 1099-R will have code 1 or code 7, depending on your age, and will have the IRA/SEP/SIMPLE box marked.  When you enter this Form 1099-R into TurboTax, TurboTax will ask what you did with the money.  You'll indicate that you moved the money to another retirement account (or returned it to the same account) and that you rolled over all of the money.  TurboTax will include the entire amount on Form 1040 line 4a but will exclude the amount rolled over from the taxable amount that would otherwise be reported on line 4b.  TurboTax will also place the word ROLLOVER next to line 4b.

 

Be sure to note that you are only permitted one such rollover in a 12-month period; rolling over more than one distribution made in a 12-month period would create an excess contribution.  Also be aware that if the IRA is an inherited IRA, a non-spouse beneficiary is not permitted to roll the money back into the account.  You are also not permitted to roll over any portion of the distribution that is an RMD.

 

There is no need to wait for any 2020 Form 5498.  You'll already know how much you rolled over, so you'll already have the information needed to prepare your 2020 tax return.  With regard to rollovers, box 2 of Form 5498 is mainly to inform the IRS of the rollover independent of the reporting on your tax return.

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Level 2

How do I enter my 5498 IRA contributions

Thanks to everyone.  Apparently I don't understand "Rollover".  Still don't but will follow this advice to the letter.  Hope my next inquiry is not from prison (joke).

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Level 2

How do I enter my 5498 IRA contributions

If anyone else is helped by this answer, you should know that getting Turbotax to credit the money you returned as a "rollover" is tricky.  (At least for me; needed help there as well.)

 

In Turbotax, when you get the RMD question say that part of the distribution was a RMD and enter the actual
amount of the RMD, otherwise TurboTax will not allow a rollover if you say it was all a RMD.  After that I understood the questions.  Before that, I never got to the important screen.