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

[sahpapa]

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?

[MargaretL · Accepted solution]

You don't have to amend your taxes.

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

[wschwager]

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...> 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.

[VolvoGirl]

Yes you can amend if you didn't enter a traditional IRA contribution.  But you don't enter that fron the 5498.  You don't need the 5498.  The 5498 is only for your own records.

[macuser_22]

@wschwager - If you made a Traditional IRA contribution *before* April 18 and designated with the IRA trustee that it was a 2015 contribution and you failed to report it on your original filed 2015 tax return, then you do need to amend to include that contribution either as a deductible contribution which would probably increase the amount of refund, or a non-deductible contribution which would be reported on a 8606 form as part of the amended return.

If it was a Roth IRA contribution, then no action is required unless the contribution would qualify you for the savers credit (form 8880) since Roth contributions are not reported on you tax return.

[glfrbss1]

Margaret, Thanks for your help. I do need to amend my return since the 1099-R showed a distribution rather than a rollover. 

-Dave

[macuser_22]

@glfrbss1- This is a year old question transferd form the old TurboTax forum that was about a 5498 form, not a 1099-R.

If you have a questions about amending or a 1099-R then please start a NEW question  in your own thread.

[Anonymous]

This is just blatantly wrong and clearly ignoring the original post. It is very scary that you are labeled an 'expert' and also scary that this answer is marked as correct. If OP had filed their tax return and then, after, realized that they did not deduct traditional IRA contributions then they absolutely should file an amended return so they can claim the additional refund amount. Again, stumbling upon this post and realizing 'experts' are misleading people seeking tax help and therefore costing them money they are entitled to is irresponsible at best and careless and scandalous at worst. Shame on you for clearly disregarding OP's concern.