What Do I Do With Irs Form 5498
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Questions & answers
Where does form 5498 IRA go on tax return?
On page 4 of Form 5498: Box 1. Shows traditional IRA contributions for 2021 you made in 2021 and through April 18, 2022. These contributions may be deductible on your Form 1040 or 1040-SR.
Do I need to enter information from form 5498 on my tax return?
No. You aren't required to do anything with Form 5498 because it's for informational purposes only. Please be sure to keep this form for your records as you'll need this information to calculate your taxable income when you decide to take distributions from your IRA.
Where do I enter my 5498 in TurboTax?
You don't 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, you'll find the information needed for your return on other paperwork, such as a year-end summary statement or a Form 1099-R.
What do I do with a form 5498 on my taxes?
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 custodian—not you—is required to file this form with the IRS, usually by May 31. You won't find this form in TurboTax, nor do you file it with your tax return.
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