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IRA Contribution and Tax return?
Hi, I am contemplating on making a contribution for the 2011 tax year to my Roth IRA account and have a quick question regarding a tax form.
I understand a form 5498 for those who made a contribution for the 2011 tax year between 1/1/12 and 4/17/12 will be mailed by May 31. I also understand the 2011 tax return deadline is 4/18/12.
My question is what if I make a contribution and do not receive my 5498 form in time to file my tax return, i.e. my 5498 form arrives anywhere between 4/19/12 and 5/31/12?
Don't I need a form 5498 in order to properly report my total 2011 contributions when I file my tax return?
Thank you all in advance.
4 Answers
- troLv 79 years agoFavorite Answer
the 5498 is an information form that you receive from the institution you have contributed your IRA
it tells you what your year end balance is because at some time you may need to know the balance to determine your RMD
it is retained by you for its important information, if you don't know what you contributed to your IRA for the year, yes, it does give you that information but one would think you had that information at hand without it
- Wayne ZLv 79 years ago
You do not need the 5498 to file your return.
Roth Contributions are not reported on your tax return at all unless you qualify for the Retirement Savings Credit.
- Anonymous5 years ago
No. The deadline for 2009 IRA contributions was 4/15/2010.
- Anonymous9 years ago
Roth contributions are not reported on your tax return. File timely.
