IRA

[Chattyme]

I rolled over an IRA from a broker acct to my bank into a cd/ira. I received a 1099-R from the broker and a 5498 form copy B from my bank. I did not take any distributions nor did I add to the acct.

Do I need to report anything  like this form 5498 and or 1099R on my 1040?

[DanaB27 · Accepted solution]

Yes, you will enter the 1099-R into TurboTax and if the code in box 7 doesn't indicate it was a rollover to another IRA then you can indicate this in the follow-up questions:

1. Login to your TurboTax Account 
2. Click on "Search" on the top right and type “1099-R”
3. Click on “Jump to 1099-R” and enter your 1099-R
4. Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
5. Continue answering the questions.

Please be aware, if you moved the funds from a traditional IRA to a Roth IRA then this is a conversion and taxable.