Will I get a 1099? Will I need to input it in my tax returns for 2020?
How about a 5498? Will I need to input it in my tax returns for 2020?
Sorry I'm just making sure I'm doing everything correctly, and filing everything correctly.
Any additional advice or help is greatly appreciated! 🙂
You'll need to sign in or create an account to connect with an expert.
If you contributed to a Roth IRA you will get Form 5498 IRA Contribution Information. If you take money out of the Roth IRA (distribution) then you will get a 1099-R.
Please follow these steps to enter your Roth contribution:
Please be aware that your Roth IRA contribution may be limited based on your filing status and income. Please see 2020 - Amount of Roth IRA Contributions You Can Make for 2020
@DanaB27 wait so I do need to input the 5498 to my 2020 tax return?
I thought contributions to Roth IRA were after-tax so why does the IRS care to see a 5498 for something that I paid for using after-tax dollars?
Considering that I already filed my 2020 taxes, does it matter that I didn't include the 5498 for Roth IRA contributions? Will there be a penalty? Will I receive a CP2000?
Thank you so much for your help!
No, you do not need to add Form 5498. The entry described above is just to help you track your contributions and to verify you were not over the limit with your contribution.
There will be no penalty or CP2000 because you didn't enter the contribution.
Thank you!
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jim202400
New Member
zzz8881
New Member
simplyquigley
New Member
jjyoo92
New Member
VAer
Level 4
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.