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Level 4
posted Aug 22, 2023 7:59:29 AM

1099R for rollover and 5498

I did a rollover for IRA. Received a 1099R with Code 7 and taxable amount and distribution amount same 

 

then I also received 5498 with rollover amount box filled

 

i know there is no tax since it’s rollover.

how do I enter these? Or should I ignore this completely

 

 

 

0 3 603
3 Replies
Level 15
Aug 22, 2023 8:08:15 AM

did you bypass the first trustee transfer and hand carry the funds to the second trustee within sixty days?

You can't ignore a 1099-R with Code 7 (or any 1099-R, for that matter).

 

@stech 

Level 15
Aug 22, 2023 8:16:36 AM

TurboTax will ask you how much of the distribution your rolled over to another or the same trustee.

 

@stech 

Level 15
Aug 22, 2023 8:32:37 AM

Just enter the 1098-R "exactly" as printed. Then follow up sceens will ask what you did with the funds. You'll see an option where you can indicate you rolled the funds to another retirement account. Note that the deposit to the 2nd account has to be within 60 days of withdrawal from the source account.