How can I find form 5498 to report an IRA rollover?

    Cancel
    Form 5498 is an informational form provided by the IRA custodian (such as a bank, insurance company, or broker).
    Was your transaction a transfer (direct from Trustee to Trustee) or a rollover (passing through you)?  If a direct transfer, it is not reported on your tax form.  If a rollover, you should have received a1099-R for the original distribution.  Your record this in the Retirement section of Wages and Income, exactly as it appears.  Much later (after Deductions and Credits), there will be Interview questions.  One of them deals with rollovers.

    Also, if your IRA was invested in, say, a bank CD; that CD matured , and you rolled the funds to another CD at the same bank:  that is not a "rollover" as defined by the IRS.  It is simply a transaction within the IRA, and is not reported.
      Cancel
      Just as a point of information:
       
      Form 5498 typically won't be sent to the taxpayer until the end of May of the year after the end of the tax year.  That is because certain contributions to retirement accounts can be made up until the April filing due date for returns.  As others have said, the Form 5498 is just a followup confirmation document, sent to the taxpayer and the IRS, of contribution(s) made to your retirement account(s) for the tax year.  It is not required to prepare or file one's tax return, but it SHOULD be kept as documentation of contributions made.
      .
        Cancel
        The questions regarding the rollover come immediately after you enter the 1099-R, so don't stop after entering it.  You will see this, plus possibly other questions, depending on what is on your 1099-R.  The only question after deductions and Credits has to do with a 10% early distribution penalty, which you will not have for a rollover.  Do not enter the rollover amount again as a contribution to a retirement plan.
        • Anita, I did a Rollover and have the 1099-R from the original company, and Form 5498 from the receiving company.  What you are saying is that we can ignore the Form 5498 if there was no early withdrawal.  Correct?
        • I also have a 1099 R from one company but no 5498 from the receiving company. So do I just entere the info from the 1099 R?
        • Nan107, I think you answered your own question.  No 5498 means you don't have to deal with it.  So just deal with what you have, the 1099-R.
        Cancel
        Yes, just enter the 1099-R and answer the questions following
          Cancel
          Contribute an answer

          People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

          1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
          2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
          3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
          4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
          5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.
          Cancel