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J
jade70
February 20, 2025
Question

how and when to file with form 5498?

  • February 20, 2025
  • 1 reply
  • 0 views
I always received my 5498 form after the tax filing season was over for my IRA. Even though I know how much I contributed every time and every year, how to ACCURATELY file it when I receive the form so late (let's say I may remember the number wrong!!!). Thanks

    1 reply

    M
    MayaD
    February 20, 2025

    Form 5498 reports various types of IRA contributions. You don't file it with your tax return it's for informational purposes only. Just keep it for your records.

     

    However, you have to report your IRA contributions, because:

    • You might qualify for the Saver’s Credit.
    • This will record your Roth IRA basis.
    • Your traditional IRA contributions may be tax-deductible.
    • Excess contributions to a Roth or traditional IRA might result in a tax penalty.

    Where do I enter my traditional or Roth IRA contributions?

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      Employee
      February 20, 2025

      Check your own records at filing time to help you recall the amount of your contributions.

      Don't rely on the government.

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