Discussion:Form 5498
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Discussion Forum Index --> Tax Questions --> Form 5498
| 18 March 2006 | |
| Client recieved letter from IRA Trustee and the letter state that market value of IRA Accounts should be reported on their tax forms. Anybody else get these and if so where the devil to they go. | |
Chris2lane (talk|edits) said: | 18 March 2006 |
| Form 5498 year end values do not get listed on client's tax return. If client uses Form 8606 for non deductible IRAs, then those year end values are used. | |
| 20 March 2007 | |
| Thanks for the info. I just got a 5498 and you answered my question. | |
| 20 March 2007 | |
| I only use the year-end values, if the client has non-deductible IRA's AND is taking a distribution. This goes on the 8606. | |
| 20 March 2007 | |
| Year end values are also good to have to help client know/take the required minimum distributions. | |
Bottom Line (talk|edits) said: | 20 March 2007 |
| There is a place to show it in ProSeries. I've just assumed (probably big mistake) that IRS was collecting extra data through software vendors and e-filers. | |
| 20 March 2007 | |
| I like to look at the 5498's to confirm my clients made the IRA deposits I advised them to make. Of course the amount shown on the 5498 only shows contributions made during a particular year. They generally do NOT provide information as to what year the contribution should be applied to.
I have also been finding that some trustees don't send out 5498's. Hmmm. They are obviously obligated too, whether a contribution was made or not. Oh well, it's never a perfect world. | |
| 20 March 2007 | |
| I LOVE using the 5498...just to get the year-end value of the IRA. This will be of tremendous help when the client begins withdrawals...
DJ | |
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