Form 8606

Forum|Forum|3 years ago
April 9, 2023
9 replies
39 views

I rolled over a portion of my 401(k) to an IRA and received a Form 5498. It stated I need to file a form 8606 in 2022 for the rollover. In TurboTax, this is not considered a rollover, how do I include form 8606 as part of my tax return?

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ErnieS0

Level 15

Your 401(k) administrator should provide you with a Form 1099-R if you moved money from your 401(k) to an IRA.

The rollover would be reported on that form and TurboTax would create Form 8606 based you the information and answers you provide in the 1099-R section.

Some companies will not send you a Form 1099-R but will make it available in a tax documents section of your account. Check with your 401(k) administrator.

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mayfung1Author

Level 2

Thank you.

I do have a 1099-R that showed the cash portion that I received, but it does not reflect the amount that was directly rolled over into IRAs. The Form 5498 showed the amount of the 'rollover' as well as the FMV of the asset, amounts that are not part of the 1099-R. Do I not need to report those?

DanaB27

Employee Tax Expert

As Tax Expert ErnieS0 mentioned your 401(k) administrator should provide you with a Form 1099-R if you moved money from your 401(k) to an IRA. Please contact them.

If the code in box 7 doesn't indicate a direct rollover then you can indicate in the follow-up questions that it was rolled over to a traditional IRA:

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R
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)"
Continue answering the questions.