Question

Reflect 60 day rollover of my individual IRA? I have 1099-R with code 1 (not G) from the source (etrade). and destination (schwab) does not issue 5498 till May

Forum|Forum|5 years ago
March 16, 2021
2 replies
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what do I enter besides 1099-R? how do I convey to IRS that the funds were rolled into schwab instead of consumed by me?

TurboTax Premier Online

DaveF1006

Yes, you do have the opportunity to indicate that when you enter your 1099-R.

After the 1099-R has been entered, there are some follow up screens that ensue.
The second follow up screen should ask What Did You Do With the Money From This Payer?
Here is where you will check the box that says I Moved the Money to Another Retirement Account.
This is what that screen looks like.

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macuser_22

Employee

@m20tax wrote:
what do I enter besides 1099-R? how do I convey to IRS that the funds were rolled into schwab instead of consumed by me?

A 5498 does not go on a tax return. Just enter the 1099-R and say you "moved" the money and was all rolled over. That will put it on the 1040 line 4a with the word ROLLOVER next to it.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**