Do I need to enter my 5498 information anywhere on my tax return? I received a couple of these from the custodian of my IRAs (Roth & Rollover) but TurboTax hasn't prompted me to enter this information. I did have a rollover during the year and as a result I did receive a
1099-R which I did enter into TurboTax.Thanks, Anoop
The 5498 form is for information only, and does not add anything to your tax return. File with your tax records for this year.
It is used when you do a Roth conversion or IRA withdrawl. Any basis (already-taxed portion) is prorated by the Dec 31 value listed on the 5498.
A bit of clarification. When you have to do a proration you combine all traditional IRA accounts. A 5498 has the information about only one account.
Phil Marti VITA Volunteer
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.