You don't enter the 5498. You only enter the 1099R from your 401K.
I must be doing something wrong. When I enter the1099 R for both the pension and 401K which I rolled into a Rother IRA my taxes that I owe are now over $600,000.00. Help!! What am I doing wrong. Box 7 shows G and I have the 5498 to prove it was rolled over within a week of distribution.
Am I correct that this is a conversion into a Roth IRA? If so, it will be a taxable transaction.
But the taxable amount is only the amount of the taxable amount (1099-R Box 2a) less any nondeductible contributions (from an IRA).
Please check the entry of the 1099-R box 2a amounts.
If you have a big number you might have typed a decimal point in the wrong place or left it out. Check all your 1099R entries. One thing........if you go back to review or edit a 1099R it resets the answers to the defaults so you have to go though ALL the screens again and answer all the 1099R questions again. Keep going to the very end of the 1099R section.