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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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I have a tax question. if I receive a form 5498 IRA

Customer Question

I have a tax question. if I receive a form 5498 IRA Contributions information with $5736.42 entered in box 5 (fair market value) and in box 7 IRA is checked. How or where or what form do I use to report this on my tax return for 2015?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

That is for information only - which will only be used if you take distributions from IRA or are required to take distributions.

Otherwise - just keep that form with your other tax documents - and there is nothing is reported on your tax return.

Expert:  Lev replied 1 year ago.

Form 5498 summarizes IRA contributions, recharacterizations, conversions, and reconversions, and is the only information the administrator of your account reports to the IRS.

When you eventually will start distributions - you will receive form 1099R
When you will turn 70 1/2 - you will be required to take distributions - and you will use information form form 5498 to calculated RMD (required minimum distribution) amount.

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