A wage and income transcript shows data from information returns received by the IRS, such as Forms W-2, 1099, 1098, Form 5498
, and IRA contribution Information.
On Form 5498
, which is filed annually with information on IRA account value and whether a distribution is required, IRA custodians must reveal the presence of hard-to-value assets and the asset type.
gov, contributors to an account are not required to report contributions or earnings to the IRS on federal tax forms, but the IRS and taxpayers will receive Form 5498
, IRA Contribution Information, reporting them from Comerica Bank, the trustee custodian financial institution.
After all, the insurance company will have to report that value to the IRS on Form 5498
Heckman IRA," (2) the Form SS-4, Application for Employer Identification Number, which he filed in 2003 to obtain a taxpayer identification number for Prairie Capital, identifying him as "general managing member of Prairie"; and (3) the Form 5498
, IR/1 Contribution Information, which listed him as the owner of the IRA.
Fair market value (FMV)--On Form 5498
, IRA Contribution Information, the trustee holding an IRA account reports to the owner and to the IRS the value of that account as of year's end (i.
The recharacterization will require several filings, including Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts; Form 5498
, IRA Contribution Information (detailing the amounts and earnings); and Form 8606, Nondeductible IRAs.
Note that the Form 4506-T can be used to obtain transcripts of other filings including information returns (Form W-2, Form 1099 series, Form 1098 series or Form 5498
Custodians must send Copy B of Form 5498
to the client by June 1, and furnish fair market value information and RMD, if applicable, by Feb.
The 2003 Form 5498
must indicate if a RMD is required for 2004.
Cloke reports that issuers of DIA contracts for products filed and approved just prior to 2006 suddenly began annual filings of Form 5498
when those contracts were held in tax-deferred accounts but that issuers of contracts for products filed well before 2006 did not do so, even for contracts held in such accounts.
The Form 5498
details the account balance, account holdings, and account beneficiaries.