5498 Form

[KBTaxes]

Hello! 
When doing my taxes, I did not enter any info from my Roth IRA because I created it by accident, not knowing I exceeded the income max. I had contributed $400 in early 2021 but removed the amount after learning I wasn’t supposed to have one. I had gained about $65 - so $465 total was withdrawn. Prior to doing my taxes, the amount was $0. 

I just received the 5498 form. It has the $465 for 2021. Do I need to do anything to update my taxes? I didn’t enter any Roth IRA info since I’d withdrawn all funds. 

Thank you! 

[AdamNe]

Hello @KBTaxes !

You should have received a 1099-R as well from your account, and the $65 would be taxable income. That is the only thing left you would have to report! If you already filed 2021, and you did not report the income, you may want to amend your return to add it.  You do not need to report the excess contribution, as it was corrected in the same tax year. 

I hope that helps you! 

Best,

Adam, EA

TurboTax Live Expert