Can I list only the one IRA account on which a conversion to Roth has occurred? (5498 Forms were not provided on my other accounts.)

Forum|Forum|2 years ago
March 5, 2024
2 replies
0 views

No text available

TurboTax Online

Best answer by dmertz

All Forms 1099-R must be entered.

When TurboTax asks for the year-end balance in your traditional IRAs, you must include all of the traditional IRAs that you own. In January the IRA custodian was required to provide the year-end balance for each of your IRAs, either on your year-end statement or Form 5498.

VolvoGirl

Employee

Can you explain more? You don't need to get a 5498. That is not entered into your return. You should have a 1099R for a rollover or conversion. Just enter the 1099R.

Enter a 1099R under
Federal Taxes on left
Wages & Income
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start

Don't type the bank name or try to import it.
At the bottom pick - Change How I enter my Form
Then on the next screen pick - I'll Type it in Myself

Be sure to pick the right kind of 1099R on the 4 boxes. 1099R or CSA1099R or CSF1099R or RRB1099R
If you are filing a Joint return be sure to pick which person it is for.

After you enter the 1099R keep going. It will ask you questions.

Pick - I moved the money to another retirement account
Then choose - I did a combination of rolling over, converting or cashing out the money
Then it will ask how much you converted to a ROTH

The whole gross amount (before taxes) is 100% taxable. Then you get credit for the taxes withheld on 1040 line 25b.