Rollover IRA Contribution From Form 5498

Forum|Forum|5 years ago
February 17, 2021
4 replies
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Form 5498 for my traditional IRA shows a value in line 2 (Rollover Contributions). However, I have not received a 1099R form with this rollover information. Do I need to report the value from 5498 line 2 in my 2020 tax return? If so where do I enter it? Note that this "rollover" amount remained totally within my IRA and no portion was distributed directly to me. So, do I need to report it?

Thank you in advance for your advice.

Best answer by macuser_22

Form 5498 is information only and does not go on a tax return.

No 1099-R will be reported for this since it was not a distributions and is not reportable as a contribution - it is just an nonreportable transaction within the IRA.

VolvoGirl

Level 15

Did you do the Rollover in 2020? You only enter the rollover from a 1099R when you did it.

schudanAuthor

Level 3

Well, yes it happened in 2020. It was the result of a litigation settlement for an investment within a mutual fund that is part of my Traditional IRA. So, I did not actually roll over from one IRA to another. This was an internal transaction within the mutual fund. My IRA administrator reported this transaction as a rollover contribution in line 2 of form 5498. Now I am trying to figure out how this applies to my 2020 taxes. Your thoughts?

schudanAuthor

Level 3

Form 5498 is information only and does not go on a tax return.

No 1099-R will be reported for this since it was not a distributions and is not reportable as a contribution - it is just an nonreportable transaction within the IRA.

Thanks. This also matches my thinking.

c13359-comcast-n

Level 2

I received a form 1099 R for my RMD from my broker and reported when I filed my return for 2020. I just received a form 5498 indicating that this was a rollover contribution due to the special covid rules for 2020.

I believe I need to amend my return to show this money was returned to my IRA but cannot find where to enter this Form 5498 on my amended return. Can anyone please help me.

Thanks

Stan

ricbach

Level 2

all my return did was listed the word ROLLOVER on line 16 page one. no figures relating.

GeoWid15

Level 2

How do I enter this rollover into quicken