I would like to submit the 5498 to lower my 1099r withdrawal by the 50,000. How can I file form 5498?

[jamesmrowan]

2018 1099r shows $122,000 withdrawal from ira

2018 5498 shows a rollover deposit of $50,000 which should reduce my 1099r income to a net of $72,000

where do i get a form to file 5498?

[SweetieJean]

Form 5498 is informational only.

[DanaB · Accepted solution]

You can indicate that part was a rollover after you entered your 1099-R information. Please be aware if the money was transferred from a traditional IRA to a Roth IRA then this was a conversion and would be taxable unless you had made nondeductible contributions to the traditional IRA.

To enter the 1099-R rollover:

1.  Login to your TurboTax Account 
2. Click "Take Me To My Return"
3. Click "Federal" from the left side of your screen
4. Scroll down and click "Start or Edit/Add" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)" 
5. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
6. Click "I'll Type it Myself"
7. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
8. Click "Continue" and enter the information from your 1099-R
9. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account”
10. Then choose “X did a combination of rolling over, converting, or cashing out the money.”
11. Enter the amount that was rolled over.