I made a 2020 Roth contribution in 2021 after I filed my taxes for 2020. I received a 5498 in July. Do I need to amend my 2020 taxes to report this?

tgibson7272-gmai · ‎July 21, 2021

This was a brand new Roth IRA that I opened in May 2021.

macuser_22 · ‎July 21, 2021

No. The 5498 is information only and does not go on a tax return. Roth contributions are not reportable on a tax return.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Critter-3 · ‎July 21, 2021

As long as you opened the account by 5/17 then there is nothing you need to do UNLESS the contribution makes you eligible for the "Saver's Credit" form 8880. https://www.irs.gov/pub/irs-pdf/f8880.pdf

Expert does your taxes

Do it yourself

Resources

Support

I made a 2020 Roth contribution in 2021 after I filed my taxes for 2020. I received a 5498 in July. Do I need to amend my 2020 taxes to report this?