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.

Tax Glossary


The excess of the tax assessed by the IRS over the amount reported on your return.

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