Value of Traditional IRA question and Rollover IRAs

[gregw1016]

I retired in 2021 and rolled my pre-tax 401k to a Rollover IRA, I only had a ROTH prior to retirement, no Traditional IRA.  In 2021 I did move money from my Roll Over IRA to my ROTH, and realized a taxable event, which makes sense.  My question is whether I need to enter my Rollover IRA value as of 12/31/2021 and if so, why do my taxes go up for entering this value.  Also, my understanding is Form 5498 is informative only, and as such Vanguard is saying this form will not be available until after the tax filing date.  

[MinhT1]

For your rollover from your 401(k) to your Traditional IRA, you will received a form 1099-R from your broker with code G in box 7.

You have to enter this 1099-R in your tax return. After entering it, follow the interview and indicate that you rolled over the funds to a traditional IRA. The amount will not be taxed and your taxes will not go up.

Form 5498 is for information and is not reported on your tax return.

[gregw1016]

The 1099-R from Vanguard for my rollover IRA only has 2 marked for box 7.  Seems that I need to request a corrected 1099-R, correct?

[MinhT1]

If the distribution was made directly (trustee to trustee) to your IRA, then box 7 should be coded G, and your could ask your broker for a corrected form 1099-R.

If the distribution was made to you and you then deposited the check into your IRA account, then code 2 is correct (if you are under age 59 1/2). However, if you made the rollover within 60 days of receiving the check, this qualifies as a rollover and your indication in TurboTax that you rolled over the funds will exclude the rollover from taxation.