Received Form 5408 Ira Contribution listing a $5000 contribution in box 2, a in box 5 "FMW of account." $49,000. Box 7 IRA checked. Taxes long done. Now what?

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Received Form 5408 Ira Contribution listing a $5000 contribution in box 2, a in box 5 "FMW of account." $49,000. Box 7 IRA checked. Taxes long done. Now what?

You mean a Form 5498. A Form 5498 is not entered on a tax return as it is an informational form only.

Received Form 5408 Ira Contribution listing a $5000 contribution in box 2, a in box 5 "FMW of account." $49,000. Box 7 IRA checked. Taxes long done. Now what?

The 5498 is usually issued in May. It's purpose to to inform the IRS of IRA activity for the previous year and you get an information copy for your records. (It is issued in May because new IRA contributions can be made up to the tax return due date [April 15] for the prior year.)

**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.**

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