Where Do I Enter Form 5498?

Your IRA trustee (or issuer) must report your IRA activity to the IRS on Form 5498 - IRA Contributions Information, by May 31st.

Select the Form 5498 box below to learn where you enter this information in TurboTax. Some of the entries in TurboTax may not agree exactly with the amounts shown on Form 5498.

Important: Your TurboTax program does not include Form 5498 because you don't file Form 5498 with your return. The information on Form 5498 appears on the year-end statement from your trustee or Form 1099-R, which you receive in January. Normally, you use the year-end statement and Form 1099-R to prepare your return.

 

• Box 1 - IRA Contributions
• Box 2 - Rollover contributions
• Box 3 - Roth IRA conversion amount
• Box 4 - Recharacterized contributions
• Box 5 - Fair market value of the account
• Box 6 - Life insurance cost included in Box 1
• Box 7 - IRA / SEP / SIMPLE / Roth IRA
• Box 8 - SEP contributions
• Box 9 - SIMPLE contributions
• Box 10 - Roth IRA contributions

To enter an IRA contribution:

1. In the Basic, Deluxe or Premier version, select the Federal Taxes tab. In the Home & Business product, choose the Personal tab. Then choose Deductions and Credits. 
2. In the Deductions and Credits screen, select the Find Deductions Myself button.
3. In the Your Deductions and Credits Summary screen, select Retirement and Investments, then select the Start or Revisit button for Traditional and Roth IRA Contributions.
4. In the Do You Have a IRA? screen, select the Traditional IRA check box, and then select Continue.
5. Follow the on-screen instructions.
6. In the Tell Us How Much You Contributed screen, enter your IRA contribution amount.
   • If you received multiple Forms 5498, add up all Box 1 amounts, and then enter the total for 2007.
7. Continue following the on-screen instructions in the TurboTax Interview until you complete entering information about this IRA contribution.

Top

Note: If the rollover is a trustee-to-trustee IRA transfer, you do not receive Form 1099-R, and you do not need to enter information about the transaction in TurboTax.

 

 To enter a rollover contribution:

1. In the Basic, Deluxe or Premier version, select the Federal Taxes tab. In the Home & Business product, choose the Personal tab. Then choose Deductions and Credits. 
2. In the Your Income screen, select the Select Specific Topics button.
3. In the Your Income screen, select Retirement Distributions, and then select the Start button for IRA and Pension Distributions.
4. Follow the on-screen instructions.
5. In the Enter Form 1099-R screen, enter information exactly as it appears on the Form 1099-R that you received for the rollover distribution.
6. Make sure that you enter a code for Box 7 - Distribution Code(s) for the rollover contribution.
   •  If distribution code G does not appear in Box 7 of your Form 1099-R, continue through the Interview screens until you reach the Any Rollovers screen (or if a traditional IRA, Any Rollovers or Conversions screen), and then select the option that applies to your rollover distribution. Do not choose a conversion option.
7. Continue through the Interview until you complete entering information about this rollover contribution.

Tip: If you're using Forms mode for entering your information, you can enter rollover distributions in the Rollovers section of the Form 1099-R Worksheet.

 

Top

To enter a Roth IRA conversion:

1. In the Basic, Deluxe or Premier version, select the Federal Taxes tab. In the Home & Business product, choose the Personal tab. Then choose Deductions and Credits. 
2. In the Your Income screen, select the Select Specific Topics button.
3. In the Your Income screen, select Retirement Distributions, then select the Start or Revisit button for IRA and Pension Distributions.
4. Follow the on-screen instructions.
5. In the Enter Form 1099-R screen, enter information listed on the Form 1099-R you received for the distribution converted to a Roth IRA. The distribution must be from a traditional IRA.
6. Continue through the Interview until you reach the Any Rollovers or Conversions screen, and then select the option that applies to your conversion. Do not choose a rollover option.
7. Continue through the Interview until you complete entering information about this conversion.

Top

To enter a recharacterized contribution:

1. In the Basic, Deluxe or Premier version, select the Federal Taxes tab. In the Home & Business product, choose the Personal tab. Then choose Deductions and Credits. 
2. In the Deductions and Credits screen, select the Find Deductions Myself button.
3. In the Your Deductions and Credits screen, select Retirement and Investments, then select the Start or Revisit button for Traditional and Roth IRA Contributions.
4. In the Do You Have an IRA? screen, select both Traditional IRA and Roth IRA, and then click Continue.
5. Follow the on-screen instructions.
6. Enter the amount you contributed to the type of account you originally selected (traditional IRA or Roth IRA).
   • If you have multiple Forms 5498, add all amounts in Box 4, and then enter the total in TurboTax.
7. When TurboTax asks whether a contribution was recharacterized, enter the recharacterized amount (excluding any earnings).
8. Continue through the TurboTax Interview until you complete entering information about this recharacterized contribution.

Tip: In Forms mode, for the recharacterization of a traditional IRA contribution to a Roth IRA, enter the traditional IRA contribution on line 1 and the amount recharacterized on line 4. For the recharacterization of a Roth IRA contribution to a traditional IRA, enter the Roth IRA contribution on line 18 and the amount recharacterized on line 21.

 

Top

Fair market value information is important only if there is a distribution from a traditional IRA that had a basis. The information is on the year-end statement from your trustee.

To enter the fair market value:

1. In the Basic, Deluxe or Premier version, select the Federal Taxes tab. In the Home & Business product, choose the Personal tab. Then choose Deductions and Credits. 
2. In the Your Income screen, select the Select Specific Topics button.
3. In the Your Income screen, select Retirement Distributions, then select the Start or Revisit button for IRA and Pension Distributions.
4. Follow the on-screen instructions.
5. Enter information from the Form 1099-R you received for the distribution from a traditional IRA. The distribution must be from a traditional IRA.
6. Continue through the Interview until you reach the Form 1099-R Summary screen. When you complete entering information from all Forms 1099-R, select Done.
7. TurboTax asks if there was any basis in the traditional IRA. If you enter a basis, you are prompted for the year-end value. Be sure you enter only the total year-end value of all of your traditional IRAs combined and none of the values of any Roth IRAs.

Tip: In Forms mode, the year-end value is entered on the IRA Information Worksheet, Part IV, Lines 18 through 21.

 

Top

You do not enter this information in the TurboTax program.

Top

This box on Form 5984 indicates the type of retirement account.

Top

You must have self-employment income reported on a Schedule C, Schedule F, or a partnership Schedule K-1. You do not enter employer contributions to your employee SEP plan anywhere on your return.

To enter an SEP contribution:

1. In the Basic, Deluxe or Premier version, select the Federal Taxes tab. In the Home & Business product, choose the Personal tab. Then choose Deductions and Credits. 
2. In the Your Income screen, select the Select Specific Topics button.
3. In the Your Income screen, select Business Income and Expenses, then select the Start or Revisit button for Business Credits and Deductions.
4. In the Less Common Business Income, Deductions, and Credits screen, select the option for  Self-Employed Retirement Plans.
5. In the Self-Employed Retirement Plans screen, select Yes.
6. Follow the on-screen instructions for Keogh, SEP, or SIMPLE Contributions.

Tip: In Forms mode, the year-end value is entered on the IRA Information Worksheet, Part IV, Lines 18 through 21.

 

Top

To enter a SIMPLE contribution:

1. In the Basic, Deluxe or Premier version, select the Federal Taxes tab. In the Home & Business product, choose the Personal tab. Then choose Deductions and Credits. 
2. In the Your Income screen, select the Select Specific Topics button.
3. In the Your Income screen, select Business Income and Expenses, then select the Start or Revisit button for Business Credits and Deductions.
4. In the Less Common Business Income, Deductions, and Credits screen, select Self-Employed Retirement Plans.
5. In the Self-Employed Retirement Plans screen, select Yes.
6. Follow the on-screen instructions for Keogh, SEP, or SIMPLE Contributions.

Tip: In Forms mode, self-employed SIMPLE contributions are entered on the Keogh/SEP/SIMPLE Contribution Worksheet, Part I, line 5.

 

Top

Important: Do not enter a Roth IRA conversion or rollover contribution as a Roth IRA contribution.

To enter a Roth IRA conversion, click here.

To enter a rollover contribution, click here.

 

To enter a Roth IRA contribution:

1. In the Basic, Deluxe or Premier version, select the Federal Taxes tab. In the Home & Business product, choose the Personal tab. Then choose Deductions and Credits. 
2. In the Deductions and Credits screen, select Find Deductions Myself.
3. In the Your Deductions and Credits Summary screen, select Retirement and Investments, then select the Start or Revisit button for Traditional and Roth IRA Contributions.
4. In the Do You Have an IRA? screen, select the Roth IRA check box.
5. Follow the on-screen instructions.
6. Enter your Roth IRA contributions for 2007.
   • If you have multiple Forms 5498, add all Box 10 amounts, and then enter the total in TurboTax.
7. Continue through the TurboTax Interview until you complete entering information about this contribution.

Tip: In Forms mode, enter Roth IRA contributions on line 21 of the IRA Contributions Worksheet.

 

Top