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jftann
Returning Member

Received a 1099-R for a 38,000 distribution from my Ira, which was paid back, or rolled over within a month. The code on the 1099-R in box 7 was 1, with a check in the n

Also received Form 5498 from Fidelity (the IRA company) which shows 2. rollover contribution of the 38,000.  Unable to get turbos tax to acknowledge that amount should not be taxed.  tried to put in a G. code but says we have to remove it and when we do, amount is then taxed  Is there a place to input For 5498? or how do we get turbo to not show 38,000 is taxable
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Accepted Solutions
KenH1
New Member

Received a 1099-R for a 38,000 distribution from my Ira, which was paid back, or rolled over within a month. The code on the 1099-R in box 7 was 1, with a check in the n

That was an indirect rollover and is non-taxable.  The screen to declare this appears after you complete your 1099-R.

Enter your 1099-R just as it is issued.  

TurboTax will then ask a series of questions so the program can determine if the amount is taxable or not. 

At the What Did You Do with The Money screen indicate that I moved the money to an IRA or another retirement account and then select rolled over down below. 

You won't need to do anything with the 5498.

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1 Reply
KenH1
New Member

Received a 1099-R for a 38,000 distribution from my Ira, which was paid back, or rolled over within a month. The code on the 1099-R in box 7 was 1, with a check in the n

That was an indirect rollover and is non-taxable.  The screen to declare this appears after you complete your 1099-R.

Enter your 1099-R just as it is issued.  

TurboTax will then ask a series of questions so the program can determine if the amount is taxable or not. 

At the What Did You Do with The Money screen indicate that I moved the money to an IRA or another retirement account and then select rolled over down below. 

You won't need to do anything with the 5498.

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