Solved

I have a form 1099-R for 280,000. We took out from IRA. We out 180,000 back within 60 days. We got a 5498 for the 180,000. How do i enter the 5498?

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

How do I enter 5498 form in Turbo Tax?

TurboTax Premier iOS

Best answer by HelenC12

Don't enter form 5498 into TurboTax; your account custodian sends it to you for informational purposes only. We recommend that you keep it with your tax return records.

You would enter the 1099-R form and report that you rolled over $180,000.

On the What Did You Do With the Money From This Payer? screen, select the following options:

I moved the money to another retirement account(or returned it to the same retirement account).
I did a combination of rollover over, converting, or cashing out the money.
Enter the amount rolled over.

[Edited 3-10-2020|6:42 am PST]

H

HelenC12Answer

Don't enter form 5498 into TurboTax; your account custodian sends it to you for informational purposes only. We recommend that you keep it with your tax return records.

You would enter the 1099-R form and report that you rolled over $180,000.

On the What Did You Do With the Money From This Payer? screen, select the following options:

I moved the money to another retirement account(or returned it to the same retirement account).
I did a combination of rollover over, converting, or cashing out the money.
Enter the amount rolled over.

[Edited 3-10-2020|6:42 am PST]

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"