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19341
Returning Member

Where do I file Form 5498

 
4 Replies
VolvoGirl
Level 15

Where do I file Form 5498

You don't enter a 5498 for IRA or retirement plans.  That is just for your own info.   Why did you get it?  You might need to enter a IRA contribution you made.  

Opus 17
Level 15

Where do I file Form 5498

You don't send the form to the IRS, it is only for your records.

 

If you made IRA contributions, you are required to list those on your tax return.  Since returns are due in April (or May, this year), but brokers are not required to send the 5498 until after the regular tax deadline, you have to put your IRA contributions on your tax return based on your other financial records.

 

If if turns out that the information you put on your return was wrong, and does not match the 5498, you may need to file an amended tax return.  However, if the information matches your tax return, just file it with your other important tax papers, which you should be keeping for at least 3 years. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
19341
Returning Member

Where do I file Form 5498

Thank you as I called the broker and learned that the government allowed that account to NOT be entered on the tax return even though I received the money.

Opus 17
Level 15

Where do I file Form 5498

@19341 

That does not make sense. Form 5498 is issued when you make contributions. If you receive a distribution or a withdrawal, that is reported on a 1099-R.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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