topic Re: Where do I file Form 5498 in Retirement tax questions

Where do I file Form 5498

19341 — Tue, 24 Aug 2021 17:53:15 GMT

Re: Where do I file Form 5498

VolvoGirl — Tue, 24 Aug 2021 17:56:09 GMT

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.

Re: Where do I file Form 5498

Opus 17 — Wed, 25 Aug 2021 01:33:48 GMT

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.

Re: Where do I file Form 5498

19341 — Fri, 27 Aug 2021 12:46:56 GMT

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.

Re: Where do I file Form 5498

Opus 17 — Fri, 27 Aug 2021 13:33:06 GMT

@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.