How do I amend my completed return to add a form 5498?

Forum|Forum|7 years ago
June 4, 2019
1 reply
1 view

After I completed and filed my taxes I received a form 5498 that I had to establish this year (an IRA for retirement benefits from a divorce). How do I change my return to add the form and will it have a big effect on my return?

TurboTax Deluxe Online

Best answer by MargaretL

You don't have to amend your taxes.

Form 5498 is for informational purposes only and is not reported on your tax return.

MargaretLAnswer

Level 12

You don't have to amend your taxes.

Form 5498 is for informational purposes only and is not reported on your tax return.

wschwager

Level 2

On <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/What-Is-IRS-Form-5498-/INF14779.html">https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/What-Is-IRS-Form-5498-/INF14779.html</a> it says that you can increase your deduction.. so how do you do that if you don't file an amendment?

Plan custodians must distribute 5498s to participants and the IRS no later than May 31 of each calendar year -- a full six weeks after the income tax filing deadline of April 15. This allows you to continue making contributions to your IRA up until April 15 and have them apply to the previous tax year. In some cases, this extra time can help increase your tax deduction.