Get IRS 5498 2011

The Purpose of IRS Form 5498. If you have some type of IRA, the financial institution acting as custodian or trustee must give you and the IRS an information return each year. The form, called IRS Form 5498, IRA Contribution Information, resembles Form W-2 for reporting wages.

Form 5498: IRA Contributions Information reports your IRA contributions to the IRS. Your IRA trustee or issuer not you is required to file this form with the IRS by May 31. You won't find this form in TurboTax, nor do you file it with your tax return. The copy you receive in the mail is a copy for your records.

While IRS form 1099-SA tracks disbursements from Health Savings Accounts (HSA) and Medical Savings Accounts (MSA), form5498-SAtracks contributions to those same accounts. This is an informational form only and doesn't need to be filed with your income tax return.

Traditional IRA contributions should appear on your taxes in one form or another. If you're eligible to deduct them, report the amount as a traditional IRA deduction on Form 1040 or Form 1040A. ... Roth IRA contributions, on the other hand, do not appear on your tax return.

Look for Form 1099-R in the mail from your plan administrator at the end of the year. Your rollover is reported as a distribution, even when it is rolled over into another eligible retirement account. Report your gross distribution on line 15a of IRS Form 1040. This amount is shown in Box 1 of the 1099-R.

The Purpose of IRS Form 5498. If you have some type of IRA, the financial institution acting as custodian or trustee must give you and the IRS an information return each year. The form, called IRS Form 5498, IRA Contribution Information, resembles Form W-2 for reporting wages.

You don't need to enter information from your Form 5498 (IRA Contribution Information) into TurboTax - generally you will find the information you need to enter into your return about your IRA contributions on Form 1099-R. there is no filing requirement for Form 5498 - just retain it for your records.

Form 1099-R reports the gross distribution from the custodian and how much of that amount is taxable. ... With regards to IRAs, Form 1099-R is used for reporting distributions from an IRA while Form 5498 is used for reporting contributions to an IRA.

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.

Traditional IRA contributions should appear on your taxes in one form or another. If you're eligible to deduct them, report the amount as a traditional IRA deduction on Form 1040 or Form 1040A. ... Roth IRA contributions, on the other hand, do not appear on your tax return.

Form 5498: IRA Contributions Information reports your IRA contributions to the IRS. Your IRA trustee or issuer not you is required to file this form with the IRS by May 31. You won't find this form in TurboTax, nor do you file it with your tax return. The copy you receive in the mail is a copy for your records.

Traditional IRA contributions should appear on your taxes in one form or another. If you're eligible to deduct them, report the amount as a traditional IRA deduction on Form 1040 or Form 1040A.

Distributions from retirement accounts of $10 or greater are generally reported to you on Form 1099-R. You must report these distributions to the IRS on Form 1040 or Form 1040A. Depending upon your circumstances, you may need to report: ... Tax on IRAs or other retirement plans (you may need to complete Form 5329)

Look for Form 1099-R in the mail from your plan administrator at the end of the year. ... Report your gross distribution on line 15a of IRS Form 1040. ... Report any taxable portion of your gross distribution.

Reporting Rollover Transactions On Tax Return IRA rollovers are reported on your tax return but as a non-taxable transaction. Even if you correctly execute an IRA rollover, it is possible that your plan trustee or custodian will report it wrong on the 1099-R they issue to you and the IRS.