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April 13, 2024
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How do i report my 5498 that i got to move my money from an ira to a roth?

  • April 13, 2024
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Best answer by VolvoGirl

You don't report a 5498 on your return.  You should have a 1099R for that.

 

After you enter the 1099R it will ask you some follow up questions.

 

Pick I moved it to another retirement account.  Then it will ask if it was to a ROTH.  

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. 

 

You do not enter it under Deductions as a ROTH IRA contribution.  A Rollover or Conversion is not a new contribution.

1 reply

VolvoGirl
VolvoGirlAnswer
Employee
April 13, 2024

You don't report a 5498 on your return.  You should have a 1099R for that.

 

After you enter the 1099R it will ask you some follow up questions.

 

Pick I moved it to another retirement account.  Then it will ask if it was to a ROTH.  

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. 

 

You do not enter it under Deductions as a ROTH IRA contribution.  A Rollover or Conversion is not a new contribution.