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lynnfriedman-q-c

Level 1

Question

I received a form 5498 for the tax year 2020, showing an amount on line 7, do I need to amend my tax return for the tax year 2020?

Forum|Forum|4 years ago
February 1, 2022
2 replies
15 views

This amount was listed on line 5, not line 7. Do I need to pay any federal or state taxes on this amount?

TurboTax Online

Level 11

Please see this Turbo Tax FAQ on when to amend.

When to amend a return

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Level 15

Form 5498 is for information only.

If that form reminds you that you left something off your tax return, then you would file an amendment to add that.