Traditional IRA Dividends & Form 5498

Two Questions:

1. Do I report Dividends on a Traditional IRA that have been reinvested and not withdrawn?

2. GoldStar Trust Company sent me a Form 5498 and I am not sure what to do with it. I have Gold in an account and the amount on the form is the end of year value of asset.

posted

#1 NO. You only report distributions or rollover for which you will get a 1099R.

#2. No you don't report the 5498. Did you make any new contributions to the IRA?

I retired in Jan of 2024. I have a 5498 for $23,825. that I rolled over to a traditional IRA and then moved $20,000. over to a IRA CD. Is there still a penalty?

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