| Form 5498 IRA Contribution Information |
|
|
|
|
|
nemoryer
Contributing Member
Cash: $ 11.10
Posts: 48
Joined: 11 Apr 2009
Location: wa
|
| Form 5498 IRA Contribution Information |
 |
|
In the spring of 2010, I received a lump sum distribution from a former employer (for a closed-out Profit Sharing Account) in the amount of $5776 which I immediately deposited into a Rollover 401(k) account at Fidelity.
(I am also now retired and not working and live in WA state).
This year I printed out online from Fidelity the Form 5498 but upon attempting to do my TurboTax return online, I do not see any provisions for this form on their 1040.
I am not sure, AM I SUPPOSED TO REPORT THIS ROLLOVER INCOME? Someone said no, that Fidelity will report it directly to the IRS for informational purposes only but that I am not liable for any taxes or reporting. Is this correct information please?
nemor yer
|
Sat Jan 15, 2011 8:58 pm |
|
|
oldguy
Senior Member
Cash: $ 309.30
Posts: 1481
Joined: 21 May 2006
Location: arizona
|
No, nothing to do, nothing to report. Unless you are over age 70 1/2?
|
|
Sat Jan 15, 2011 11:39 pm |
|
|
nemoryer
Contributing Member
Cash: $ 11.10
Posts: 48
Joined: 11 Apr 2009
Location: wa
|
| THANK YOU |
|
|
Thank you, I won't worry anymore.
nemor yer
|
|
Sun Jan 16, 2011 3:59 am |
|
|
coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
|
Just a little misunderstanding straightened out will make it crystal clear:
it wasn't and it isn't income until you take constructive receipt of it
On the IRS website, you can find form 5498 and the instructions for it, in which it says "Generally, do not report a transfer between trustees or issuers that involves no payment or distribution of funds to the participant"
The cases in which these transfers need to be reported are when the money is transfered from one plan with one kind of tax treatment to a plan with a different tax treatment; for example from a 401(k) to a Roth IRA. Your transfer went into a "Rollover IRA" which is the same thing as a Traditional IRA, except for the source of the funds; in both cases it's "before tax" money. If and when you make additional contributions to this account, then it will become a Traditional IRA.
|
|
Sun Jan 16, 2011 4:33 am |
|
|
coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
|
| mod's note |
|
|
Please click the "Submit" button only once. Clicking it multiple times when the forum responds slowly will only result in posting your thread or post multiple times.
|
|
Sun Jan 16, 2011 4:34 am |
|
|
sFinanceculture
New Member
Cash: $ 0.80
Posts: 4
Joined: 21 Jan 2011
|
| Form 5498 IRA Contribution Information |
|
|
Form 5498 is information for your personal records and is not required to prepare your tax return. Taxpayers should retain this information for their personal records, but there are no tax consequences to the taxpayer until the funds are distributed from the account. When distributions are made, they are reported on Form 1099-R. Following is additional information regarding Form 5498:
Form 5498 IRA Contribution Information TaxACT does not support Form 5498, but the information below will help you understand the purpose of the form and how the information can be entered in TaxACT, or why it should NOT be entered in TaxACT. Form 5498 is used for various purposes.
Thanks..........
|
|
Fri Jan 21, 2011 8:53 am |
|
|
|
