What should I do about 1099-R and 5498? Withdrew 3K from IRA to rollover to an outside account, then re-deposited to same act w/in 60 days.How to not get taxed distr?

[HelenaC · Accepted solution]

Form 5498 is informational. Do not report it. If you rolled over your Traditional IRA to a Roth IRA, that is taxable.

Otherwise, enter your 1099-R exactly as reported:  

1. Log on to TurboTax.
2. Click on the Take me to my return button.
3. On the left navigation bar, click on Federal.
4. Click on the Wages & Income tab.
5. Edit/Add the 1099-R.
6. Continue with the onscreen interview until you get to the What Did You Do With The Money From This Payer? screen,
7. click on the appropriate response.
8. If you select I rolled over all of this money to another IRA...., that will make your IRA NOT TAXABLE.
9. If you select I converted all of this money to a Roth IRA account, that will make your IRA TAXABLE.

Related information:

• What are Traditional IRA to Roth IRA conversions?
• What's the difference between a Traditional IRA and a Roth?