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Hi all,
I am wondering how to report traditional IRA contributions if the form 5498 isn't available until May. Maybe I have forgotten something simple about this from my education. It just does not make sense how to use form 5498 to report recorded contributions for a tax return if the form isn't available until after filing season ends.
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You don't need Form5498. Ask the client what they contributed. If you need proof, ask for investment company December statement as most will show total contributions or cancelled check.
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Since they can contribute up until April should I ask them how much they plan to contribute by then?
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Yep.
The more I know the more I don’t know.
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Just make sure you ask them "How much are you contributing for 2021 in 2022 before April 15.
If they don't tell the investment company (probably more than once) it might not go to the correct year.
