Broker Check

Form 5498

June 07, 2019

One thing that is as certain as death and taxes is that we will start getting calls from clients who just got a Form 5498 around the first week of June.  The typical question sounds something like this, “Do I need to file this with my taxes and why did I get it?”  No, you don’t need to file this with your taxes.  It is just a confirmation of what the custodian of your IRA reported to the IRS concerning your IRA.  All you need to do is confirm that the amounts reported on the 5498 match the actual transaction amounts for the previous tax year, or RMD for the current year on lines 11-12b.  If those numbers look correct, save a copy for your files and have a great summer.  As always, let us know if you have any questions.