where do I enter Form 5498 contributions made to IRA in turbo tax -received 1099-R for the same amount

I received 1099-R for 2010 with gross distribution of $7000 in box 1.  I put this  money back into the same FIDELITY IRA account within the 60 days - as advised by Fidelity reps to avoid any penalty or taxes.  Therefore, I received a FORM 5498 with line-2  "ROLLOVER CONTRIBUTION" AS $7000.  I'm having trouble entering the 5498 info into turbo tax.  Turbo tax only took the 1099-R info of $7000 and increased my tax owed to IRS. Essentially I should NOT be taxed on this $7000 since I put the money back into IRA withing 60 days- but turbo tax is taxing this $7000 amount.  Please help
  • I have the same problem; I repaid the full amount within 60 days but it was not used for any of the purposes specified by TT. How can I indicate that this should not be a taxable event?
Form 5498 is informational only, and does not get entered on your tax return.  After you key your1099-R in the Retirement section of Wages and Income, there will be follow-up questions.  One of them deals with rollovers.  Answer them correctly and completely,. Be aware that only the gross amount will appear on the TT Income Summary, but both the gross and taxable figures will be shown on your tax return.
  • please ask sweet jean to avoid answering ira questions, her answers are always wrong!!! I am looking for the place to
    list the contributions to ira (both traditional and roth)
    where do I list exceptions to early withdrawal?  I had excessive medical bills in the tax year and needed to withdraw to cover them. Thanks
  • To ph13:  Exceptions to the early withdrawal penalty are covered in the Interview questions that I referenced in my earlier answer.  IRA contributions (not rollovers) are recorded here:
    Deductions and Credits.
    Retirement and Investments
    Traditional and ROTH IRA Contributions
    By the way, my answers are not "always" wrong.  This is a public forum, and anyone is free to post and answer questions.
Her answer was correct for the question that was asked, which is very different from yours.  The exceptions to early distribution penalties come after the Deductions and Credits section.  You can only take an exception for medical bills in excess of 7.5% of your Adjusted Gross Income.
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