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RMDs for the current year are based on the account holders age and on the fair market value of the account as of Dec. 31 of the prior year. For example, the accounts value on Dec. 31, 2019, determines the RMD for 2020. This amount is reported in box 5 of Form 5498.
How To Read Form 5498 Box 1: Contributions to traditional IRAs you made in the last tax year and through Tax Day of the current year. Boxes 2 and 3: Rollovers and conversions from another plan into an IRA. Box 7: Identifies your plan type.
This information should be entered on Form 8606 Nondeductible IRAs, Line 6 ONLY IF you took distributions from a Traditional, SEP, or SIMPLE IRA during the current tax year AND you made nondeductible contributions to a traditional IRA in the current tax year or an earlier year.
No. You arent required to do anything with Form 5498 because its for informational purposes only. Please be sure to keep this form for your records as youll need this information to calculate your taxable income when you decide to take distributions from your IRA.
Form 5498: IRA Contributions Information reports to the IRS your IRA contributions for the year along with other information about your IRA account. Your IRA custodiannot youis required to file this form with the IRS, usually by May 31. You wont find this form in TurboTax, nor do you file it with your tax return.
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Form 5498 also reports Roth IRA conversion amounts (box 3) and recharacterized contributions (box 4). The former refers to any amount of money transferred into a Roth IRA from a SEP-IRA, a SIMPLE IRA or a traditional IRA.
Where does Form 5498-SA go on a tax return? Participants of an HSA, Archer MSA or MA MSA do not have to file Form 5498-SA with their individual income tax return. However, if distributions from any of these accounts were taxable, they should be noted on Schedule 1 of Form 1040, Part I, line 8e.
You wont get a 5498-SA form if you didnt have contributions and your balance was zero dollars at the end of the year. Please note this form is informational only and doesnt need to be filed with your income tax return.
Form 5498: IRA Contributions Information reports to the IRS your IRA contributions for the year along with other information about your IRA account. Your IRA custodiannot youis required to file this form with the IRS, usually by May 31. You wont find this form in TurboTax, nor do you file it with your tax return.
You dont need to enter information from your Form 5498 (IRA Contribution Information) into TurboTax like you do with a W-2 or 1099s. In most cases, youll find the info needed for your return on other paperwork, such as a year-end summary statement or a Form 1099-R.

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