2550879
Hi
I have a small contribution made to an IRA account via Stash Capital.
I noticed that they produce a form 5498 and they produced the form for 2020 not 2021.
They are not producing any other forms and seems they produce for prior tax year only...very weird.
Do I report my IRA contributions? What do I do with Form 5498 for 2020 in year 2021???
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You need to just keep Form 5498 for 2020 in your tax records. It is not reported on your tax return. Instead, it is sent to the IRS so that they can compare records of IRA contributions with tax returns reporting IRA contributions. You will receive your 2021 Form 5498 later in the year.
There are no other forms generated for IRA accounts unless you take a distribution. In that case, you would receive Form 1099-R.
You need to enter the amount that was contributed to your IRA for 2021 in the IRA Contributions section of your return. This will allow TurboTax to determine whether you qualified to make a contribution, what type of IRA you contributed to, and determine if the contribution is tax-deductible.
Use the following steps to get started:
You need to just keep Form 5498 for 2020 in your tax records. It is not reported on your tax return. Instead, it is sent to the IRS so that they can compare records of IRA contributions with tax returns reporting IRA contributions. You will receive your 2021 Form 5498 later in the year.
There are no other forms generated for IRA accounts unless you take a distribution. In that case, you would receive Form 1099-R.
You need to enter the amount that was contributed to your IRA for 2021 in the IRA Contributions section of your return. This will allow TurboTax to determine whether you qualified to make a contribution, what type of IRA you contributed to, and determine if the contribution is tax-deductible.
Use the following steps to get started:
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