Submitted By: Margie
Answered: September 29, 2015 12:27 pm

I received a Form 5498 for my IRA. Do I have to file anything or do anything?

No. Trustees or issuers of traditional IRAs must furnish Form 5498 to participants each year if there is a contribution (including a rollover) or a distribution. It is merely an information return that goes to you and to the IRS. For example, it shows a contribution to a traditional IRA so you know how much to deduct on your return if eligible to do so. It also shows the value of the account so you can figure required minimum distributions if you need to do this.

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Tax Glossary

Itemized deductions

Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.

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