1099-R - IRA consolidation reported as taxable distribution

[rcsjc]

I consolidated multiple IRA CD accounts into a new IRA within the same bank in a single transaction on the same day. I got a 1099-R with Box 7 Distribution code 1. The bank also sent me 5498 and say that the amounts reported in 5498 and 1099-R offset and are not taxable. However, TurboTax does not let me input 5498 and the IRA to IRA fund movement is now showing as taxable in TurboTax with penalty assessed for early distribution. How to input this correctly in TurboTax?

[VolvoGirl · Accepted solution]

After you enter the 1099R keep going.  It will ask what you did with it.  Pick you moved it to another account.  Then you rolled it over and it will expand to enter the amount.  You don't enter the 5498.  

[VolvoGirl]

If you had more than 1 IRA account did you get a 1099R for each one?  See my screenshots I just posted on this one,

https://ttlc.intuit.com/community/retirement/discussion/1099-r-distribution-with-indirect-rollover/0...