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March 25, 2022
Question

My bank IRA form has a number in box 7and the ira/sep/simple box is checked but no box 7 on tax form. Am I in the right form? Should I skip it?

  • March 25, 2022
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1 reply

March 25, 2022

Please provide more information on the form you received from your bank.   However, did you receive form 5498?

 

You can expect to receive IRS Form 5498 if you made contributions to an IRA (Individual Retirement Arrangement) in the preceding tax year. The "custodian" of your IRA, typically the bank or other institution that manages your account, will mail a copy of this form to both you and the Internal Revenue Service.

 

How to enter form 5498?

 

Form 5498-SA reports contributions to your Health Savings Account (HSA), Archer MSA, or Medicare Advantage MSA.

 

You don't enter this form into TurboTax; your account custodian sends it to you for informational purposes only. We recommend that you keep it with your tax return records.

 

If this does not answer your question please provide more information.

 

 

 

 

 

 

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