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J
Jlovejoy407
January 29, 2025
Question

I received a form 5498 as a beneficiary of a death withdrawl. Do I claim the money received and the tax paid?

  • January 29, 2025
  • 2 replies
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    2 replies

    KrisD15
    KrisD15
    January 29, 2025

    Form 5498 is INFORMATIONAL only, it is not reported on a tax return.

    I assume you inherited an IRA which is not taxable, however how it is treated regarding distribution requirements vary depending on your relationship to the original owner. 

    There should not be any taxes paid listed on the 5498. 

     

    More information about inherited IRA

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    O
    Opus 17
    Employee
    January 29, 2025

    Do you mean you inherited an IRA and got a 1099-R?  Did you cash out the IRA all at once? (You had other options). 

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