I have no earned income. I added money to an IRA. I have a form 5498 & no 1099R. How do I account for this in TurboTax? Is this allowed?

My wife and I are both retired and have no source of earned income. We only have uneraned income from retirement funds. We added after tax money to a traditional IRA. 

Answer

Deciding if you need to file a return is usually determined by your Filing Status, Age and Gross Income. If you did not withdraw any of the contributions reflected on Form 5498 (or the IRA), you will not need to do anything with the form but retain it for your records. Review all of your tax documents and use the TurboTax FAQ link below that provides a guideline on when you should file a return:

Form 5498

You don't need to enter information from your Form 5498 (IRA Contribution Information) into TurboTax like you do with a W-2 or 1099s. In most cases, you'll find the information needed for your return on other paperwork, such as a year-end summary statement or a Form 1099-R.

Keep Form 5498 with your records for future reference when you need to determine the end of year value or your investment basis in non-deductible or Roth IRAs.


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Do I need to file a return?

To see if you need to file, check the chart below based on your filing status, age, and gross income amount.

Also you need to file if you had at least $400 in net earnings from self-employment (income minus expenses)  or you had marketplace health insurance and received advanced payments for the premium tax credit.

If you're somebody's dependent, see this article

Filing Status Age at December 31, 2017 Must file if gross income is
Single Under 65 at least $10,350
65 or over at least $11,900
Married Filing Jointly Both spouses under 65 at least $20,700
Both spouses 65 or over at least $23,200
One spouse under 65 at least $21,950
Married Filing Separately N/A at least $4,050
Head of Household Under 65 at least $13,350
65 or over at least $14,900
Qualifying Widow(er) Under 65 at least $16,650
65 or over at least $17,900

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