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I took a $10k out of my IRA (when I rolled it over from my 401k) but itdoes not show up on the 1099, it is on form 5498 How can I enter the amount in turbotax?

My IRA 1099 shows a gross distribution  of $60k and a Taxable amount of $60k and if these details are entered into TurboTax  I  get taxed on the $60k. $50k was put back into the IRA within 30 days leaving $10k which I will be taxed on. These figure can be calculated from the 5498 form. 

So how can I enter the data into  TurboTax  such that it shows that I took a $10k distribution?

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Accepted Solutions

I took a $10k out of my IRA (when I rolled it over from my 401k) but itdoes not show up on the 1099, it is on form 5498 How can I enter the amount in turbotax?

Since you did a manual rollover, you will have to enter the amount in TurboTax yourself.  Here's how:

  • In your open Federal return, choose the tab for Wages & Income
  • Scroll down to IRA, 401(k), Pension Plan Withdrawals (1099-R) and select Edit/Add
  • On the next page, Your 1099-R Entries, Edit the 1099-R that you are discussing
  • Continue through the interview until you reach the page What Did You Do With The Money From [Name]?
  • Choose the option that you moved the money to another retirement account
  • And then choose that you did a combination of rolling over, converting and cashing out.
  • Enter the amount rolled over into another account and Continue through the interview.

This should resolve your issue.

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1 Reply

I took a $10k out of my IRA (when I rolled it over from my 401k) but itdoes not show up on the 1099, it is on form 5498 How can I enter the amount in turbotax?

Since you did a manual rollover, you will have to enter the amount in TurboTax yourself.  Here's how:

  • In your open Federal return, choose the tab for Wages & Income
  • Scroll down to IRA, 401(k), Pension Plan Withdrawals (1099-R) and select Edit/Add
  • On the next page, Your 1099-R Entries, Edit the 1099-R that you are discussing
  • Continue through the interview until you reach the page What Did You Do With The Money From [Name]?
  • Choose the option that you moved the money to another retirement account
  • And then choose that you did a combination of rolling over, converting and cashing out.
  • Enter the amount rolled over into another account and Continue through the interview.

This should resolve your issue.

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