topic Re: form 5498 in Retirement tax questions

form 5498

rjkj — Wed, 12 Feb 2020 17:14:42 GMT

I entered all info for 3 IRA's (2 traditional and 1 rollover) when I got to section for entering info for form 5498, it asked for info from both traditional IRA's but not rollover WHY? Ps; I did not enter any ifo for any of the IRA's regarding 5498 form, as turbo tax told me info was automatically sent to IRS

Re: form 5498

Irene2805 — Wed, 12 Feb 2020 17:56:39 GMT

When you roll over an IRA, it is not considered a new IRA contribution and won't be included on Form 5498.

Form 5498 is just an informational form and you are correct to not include it in your return!

Re: form 5498

drgraves99 — Mon, 23 Mar 2020 22:37:01 GMT

Even though form 5498 data may not need to be entered on the return, TurboTax needs to do a better job of explaining that within the basic IRA portion of the software

Re: form 5498

DavidD66 — Mon, 23 Mar 2020 23:01:07 GMT

Thanks for your feedback!

Re: form 5498

dmertz — Mon, 23 Mar 2020 23:53:01 GMT

A "Rollover IRA" is a traditional IRA.