FORM 1099-R and 5498, How to report IRA Rollover - 兼答網友

when rolling over your IRA or 401K, tax payer usually gets 2 form: 1099-R for rollover from and 5498 for rollover to.


1099-R input:

1. manualy on form 1040: Enter the total distribution on line 15a. enter "0" on line 15b. enter "Rollover" next to line 15b.

your AGI keeps unchanged that way.

2. TurboTax: You enter the 1099-R at

Federal Taxes (Personal if using Home and Business)
Wages & Income
choose Explore on my own
Scroll down to
Retirement Plans and Social Security
click start or update on the appropriate line, -

Enter all of your information exactly as it appears on the 1099-R form. If box 2a is zero or says unknown then leave it BLANK!

After you enter the 1099R be sure to answer all the follow up questions on the next screens to determine how much is taxable or not. Go all the way to the end of the section. You have to enter it from the 1099R because there are codes on it you need to enter properly.

at the end, proof-read your form 1040.

for details, please read instruction carefully on line 15a/15b and 16a/16b as follows:

http://www.irs.gov/pub/irs-pdf/i1040gi.pdf

What do I do with Form 5498?

You don't need to enter information from your Form 5498 (IRA Contribution Information) into TurboTax like you do with a W-2 or 1099. 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 it 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.