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Level 5
posted Mar 17, 2022 7:15:28 PM

Where do I enter line 1. on Form 5498?

I paid $50 as a maintenance fee and it was received late.  On Form5498, line 1 it has the $50 has a contribution.

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1 Best answer
Expert Alumni
Mar 18, 2022 10:48:14 AM

Because Box 1 on Form 5498 reflects your traditional IRA contribution for 2021, you enter such contribution as follows:

  1. On the left side of your screen, click Federal.
  2. At the top of your screen choose Deductions and Credits.
  3. Scroll down to Retirement and Investments.
  4. Click Start on Traditional and Roth IRA Contributions.
  5. Check that you contributed to a traditional IRA, and follow the rest of the prompts.

You won't find this Form 5498 in TurboTax, nor do you file it with your tax return. The copy you receive in the mail is a copy for your records.  Your IRA trustee or issuer—not you—is required to file this form with the IRS, usually by May 31.  

 

@charjean47

1 Replies
Expert Alumni
Mar 18, 2022 10:48:14 AM

Because Box 1 on Form 5498 reflects your traditional IRA contribution for 2021, you enter such contribution as follows:

  1. On the left side of your screen, click Federal.
  2. At the top of your screen choose Deductions and Credits.
  3. Scroll down to Retirement and Investments.
  4. Click Start on Traditional and Roth IRA Contributions.
  5. Check that you contributed to a traditional IRA, and follow the rest of the prompts.

You won't find this Form 5498 in TurboTax, nor do you file it with your tax return. The copy you receive in the mail is a copy for your records.  Your IRA trustee or issuer—not you—is required to file this form with the IRS, usually by May 31.  

 

@charjean47