Question

Turbotax downloaded and put my IRA conversion data on a 1099-R. Fidelity gave me a Form 5498 including the same data. Do I delete the 1099-R and complete a F5498?

Forum|Forum|5 years ago
February 14, 2021
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TurboTax Premier Online

No. You enter the Form 1099-R, the official reporting form.

You don't need to enter information from your Form 5498 (IRA Contribution Information) into TurboTax like you do with a W-2 or 1099s. In most cases, you'll find the information needed for your return on other paperwork, such as a year-end summary statement or a Form 1099-R.

Keep Form 5498 with your records for future reference when you need to determine the end of year value or your investment basis in non-deductible or Roth IRAs.