Where do I input a form 5498, showing a rollover from a 403b to a traditional IRA that was already reported from a 1099-R?

Forum|Forum|2 years ago
February 23, 2024
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Best answer by VolvoGirl

You don't enter the 5498. What code is in 1099R box 7? Is it a G? That is a direct transfer and won't be taxed. Check your 1040 line 5b. It should be zero and the word Rollover by it. Unless you have other 1099R that are taxable.

DoninGA

Employee

A Form 5498 is an informational form only and is not reported on a tax return.

VolvoGirlAnswer

Employee

TimV1

Where do I input Information from a form 5498, showing a rollover from an Annuity to cash and then deposited to a traditional IRA that was already reported from a 1099-R?

VolvoGirl

Employee

You don't enter or report the 5498. After you enter the 1099R it will ask what you did with it. Did you say you rolled it over? You had 60 days to put it in the IRA. But I'm not sure about Annuities and how they work. Did they take any withholding out when they cashed the annuity? You would have had to add the withholding back in when you put it in the IRA or the withholding will be a taxable distribution. @dmertz