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I withdrew $20,000.00, for a mortgage, which was deposited within 2 weeks. How do I use form 5498 to make sure I'm not taxed on this amount?
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You do not enter form 5498, but you do need to enter Form 1099-R.
Form 5498 is required by the financial firm to the IRS and you just receive a copy. You should receive a form 1099-R from your financial firm. When you enter it and answer the questions that follow, you'll be able to report your exception for early withdrawal because of purchasing a home.
If you haven't received this form, check with your financial firm that holds your retirement plan. You may also be able to access this form from within your online account.
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