Form 5498 reports various types of IRA contributions. You don't file it with your tax return it's for informational purposes only. Just keep it for your records.
However, you have to report your IRA contributions, because:
- You might qualify for the Saver’s Credit.
- This will record your Roth IRA basis.
- Your traditional IRA contributions may be tax-deductible.
- Excess contributions to a Roth or traditional IRA might result in a tax penalty.
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