Re a Roth contrib made Mar 2022, does TT tell the IRS if it's for '21 or '22? Schwab says they do NOT indicate a year, they just code for the year the $ was rec'd.

[nancycoumou]

The 5498 - when it comes out - will indicate 2022 (year rec'd) but I intend it to have been a 2021 contrib.  Can't remember what I said when filing for 2021.  Do answers to questions such as 'did you make a Roth contrib for 2021?' get transmitted by TT to the IRS when filing?

[MarilynG1]

If you indicated at the time you made the contribution that it was for 2021, you would have received Form 5498 after May 31, 2022.  

If you did not, then you could assume that your contribution was counted as a 2022 contribution and answer NO to the question in TurboTax about 2021 contributions.

The answer to that question is not transmitted to the IRS.  The 5498 is mainly used to keep track of the value of your Roth account.  

Click this link for more info on Form 5498. 

[dmertz]

With regard to an IRA contribution made in March 2022, unless you explicitly indicated to the custodian that the contribution was to be for 2021, the IRA custodian is required to treat and report it to you and to the IRS (via Form 5498) as a contribution for 2022.

Forms 5498 indicate the year for which a Roth IRA contribution is made, not the year in which the contribution is made.  This means that if the custodian treated the contribution as a contribution for 2021, the custodian would have reported it on a 2021 Form 5498, not the 2022 Form 5498 where you indicate that the contribution will appear.  Given this, there is nothing you can do now to cause the contribution to be a contribution for 2021 but it is instead a contribution for 2022; the deadline for this to be corrected was the regular due date of your 2021 tax return.  If you this contribution was entered into 2021 TurboTax and it resulted in a Retirement Savings Contributions Credit that you were not otherwise eligible to receive, you must amend your 2021 tax return to remove the credit.  You would also need to correct the contribution basis carried forward from your 2021 tax file to not include this contribution.

[fanfare]

you have to state the year to both the custodian and the tax software because your year's contribution for 2021 or 2022 in total for both types must be less than $6,000

If Schwab doesn't let you specify last  year now, before Tax Day, you misread the form.

@nancycoumou 

[nancycoumou]

Forms 5498 indicate the year for which a Roth IRA contribution is made, not the year in which the contribution is made.  

That is not my understanding.  per Schwab: "Schwab will report it in the year it is received per IRS Rules. You are then able to designate the year you want it applied to when filing taxes. This is because IRS process states that contribution has to be reported in the year in which they occur per the instructions to the 5498."

[nancycoumou]

Re the custodian's reporting, it's my understanding that 5498s for 2021 reportable contributions (that, in my case, were made in 2022 prior to the tax-filing deadline) will be avail THIS May 31.  Last May's 5498s would have been for contribs made for either 2020 (if before tax-filing deadline) or 2021.  

[dmertz]

Your understanding is incorrect.   Let me elaborate:  Any Roth IRA contribution that appears on a 2022 Form 5498 is a contribution made for 2022, not 2021.  A Roth IRA contribution made for 2021 can appear only on a 2021 Form 5498.

Refer to the instructions for Form 5498 Box 10:  https://www.irs.gov/pub/irs-prior/i1099r--2022.pdf

The key is that the amount in box 10 of a 2022 Form 5498 represents contributions "designated for 2022."