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Get IRS Form 5498 to report IRA contributions, including RMDs and fair market value for 2011. Essential for tax filing and compliance.
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Form 5498 is an IRS tax form used to report contributions made to various types of retirement accounts, including IRAs (Individual Retirement Accounts).
Form 5498 is required to be filed by trustees or custodians of IRAs who must report contributions made to those accounts during the year.
To fill out Form 5498, provide the IRA owner's information, indicate the type of IRA, report the amounts contributed, and any rollover contributions. Follow the IRS instructions for detailed guidance.
The purpose of Form 5498 is to inform the IRS and the account owner of the contributions made to an IRA, ensuring awareness and compliance with retirement account contribution limits.
Form 5498 must report information such as the account holder's name, address, Social Security number, the type of IRA, and the amounts contributed during the year.
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