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Merlo
Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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How do I report my IRA I always use the short form. Value

Resolved Question:

How do I report my IRA I always use the short form. Value= 1,759.82 as of 12/31/2009.
Submitted: 4 years ago.
Category: Tax
Expert:  Merlo replied 4 years ago.

Hello JA Guest,

 

Did you make a withdrawal from your IRA for $1,759.82?

 

Did you receive a 1099-R form to report this amount?

 

 

Customer: replied 4 years ago.
No & NO
Expert:  Merlo replied 4 years ago.

Hello again JA Guest,

 

Would you please clarify what it is that the $1,759.82 represents?

 

Is that money you contributed to an IRA in 2009?

 

What exactly does that represent?

 

 

Customer: replied 4 years ago.

yes my contributions.

 

I got a letter from my agent as required by law providing the following info. 1,759.82 as of 12/31/2009. It said to consult with a tax advicor regarding how to report this.

Expert:  Merlo replied 4 years ago.

Hello again JA Guest,

 

If you made contributions to your traditional IRA account in the amount of $1,759.82 in the 2009 tax year, then you would need to file Form 1040-A for your tax return, and you would report this amount on line 17 as an IRA deduction. This will then reduce your taxable income for the year by this amount.

 

If the $1,759.82 was just a statement showing your year end balance in your IRA account and does not represent new contributions that you made to the account during 2009, then you do not need to report this anywhere on your return.

 

If this was helpful please press the Accept button. Positive feedback is also appreciated.

 

Thank you JA Guest

 

 

Customer: replied 4 years ago.

Sorry for the confusion. had a little emergency.

 

The letter did say I will get a form 5498 by May 31, 2010. Does this help you clarify my question?

Expert:  Merlo replied 4 years ago.

Hello again JA Guest,

 

The form 5498 serves several purposes. It will show if you made any new contributions to your IRA for the 2009 tax year and it will also show the current value of your IRA as of the end of 2009. So I cannot tell simply from the fact that you will receive a 5498 form whether or not you made any new contributions to the account during 2009.

 

Did you make new contributions to that IRA account for 2009? If you cannot remember, you may need to check with your investment broker. If no new contributions were made for 2009 and this is simply the account balance they are reporting to you, then this does not need to be reported on your return.

 

If this was helpful please press the Accept button.

 

Thank you JA Guest

 

 

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Merlo and 4 other Tax Specialists are ready to help you
Customer: replied 4 years ago.
They take out a set amount of money out of my checking account every month. Is that what you mean new contributions
Expert:  Merlo replied 4 years ago.

Hello again JA Guest,

 

Yes, if they are taking out money each month from your checking account and putting that money in to your IRA account, then those are new contributions for the year.

 

You will need to file Form 1040-A and report that amount on line 17 of that form.

 

If this was helpful please press the Accept button. Positive feedback is also appreciated.

 

Thank you JA Guest

 

 

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