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parvitstax
Level 6
February 12, 2022
Solved

Traditional IRA Reporting

  • February 12, 2022
  • 4 replies
  • 11 views

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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Best answer by dkh

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.

 

4 replies

dkh
dkhAnswer
Level 15
February 12, 2022

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.

 

    P
    parvitstaxAuthor
    Level 6
    February 12, 2022

    Since they can contribute up until April should I ask them how much they plan to contribute by then? 

    sjrcpa
    sjrcpa
    Level 15
    February 12, 2022

    Yep.

    The more I know the more I don’t know.
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