5498 Form
I have received Form 5498 for IRA and Roth IRA, two forms . It has contribution details made in each funds, shouldn’t I receive just a summary irrespective of all the fund details? How do I prepare tax filing for IRA and Roth IRA.
I have received Form 5498 for IRA and Roth IRA, two forms . It has contribution details made in each funds, shouldn’t I receive just a summary irrespective of all the fund details? How do I prepare tax filing for IRA and Roth IRA.
Permalink Submitted by Alan Spross on Fri, 2010-04-09 18:22
FIrst, be sure that the contribution amounts are correct on the 5498 forms for 2009, reflecting what you actually contributed.
There are two types of contributions, rollover and regular. You do not report regular Roth contributions on your return, but you do report Roth conversions on Form 8606 if you converted from a traditional IRA to a Roth IRA.
Regular IRA contributions are either deductible or non deductible depending on your income and whether you are covered by a retirement plan at work or not. If deductible, the contribution shows on p 1 of Form 1040. If not deductible, you report that on Form 8606 along with your 1040.
The 5498 show amounts contributed per IRA account, regardless of how many funds or investments are in that account. These are tax forms only and fund details are provided separately by the fund sponsor.
Permalink Submitted by Anonymous (not verified) on Sun, 2010-04-11 08:08
Another explanation that I have seen is how your custodian’s platform is programmed. Sometimes your registrations (name, address, etc.) may slightly differ among IRA accounts and types; therefore the system segregates them and sends multiple 5498’s – I bet that is why.
pko