Form 5498

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Form 5498

A form that one files with the IRS to report contribution and other information on an individual retirement account. A company managing IRAs must report contributions, rollovers, traditional to Roth IRA conversions, account closures, and required minimum distributions on each IRA under management. However, they are not required to report the individual investments that each IRA makes.
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In tax year 2011, the IRS introduced forms 5498, 1098-T and 1099G into the penalty notice program.
Individual Income Tax Returns; Forms 5498, IRA Contribution Information; and Forms 1099R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
In the case of contributions to IRA plans, this means that some Forms 5498 show amounts in excess of the maximum allowable contribution.
9 million individuals whose tax identification number could be matched with one or more Forms 5498 reporting a contribution to an IRA or Roth IRA in 2006 and 2007, the Treasury Inspector General for Tax Administration found more than 295,000 individuals' contributions exceeded allowable limits, resulting in estimated revenue losses to the government of $94 million in excise taxes and $17.
New information includes new regulations governing required minimum distributions; catch-up contribution provisions for taxpayers age 50 or over; deemed IRAs under qualified retirement plans; expanded rollover options; estate tax rules and planning for large IRAs; new proposed rules regarding the valuation of life insurance contracts; treatment of nonqualified distributions from Roth IRAs; taxes and penalties that may apply to a Coverdell ESA; and instructions for completing Forms 5498, 1099-R, and 1099-Q.
Form Series IRS Copy Recipient Copy Form 1065 and all Partnership returns April 15, 2002 April 15, 2002 Forms 1098, 1099, and W-2G April 1, 2002 January 31, 2002 Forms 5498 and 5498-MSA May 31, 2002 May 31, 2002 Form 1041 April 15, 2002 April 15, 2002
Individual Income Tax Returns; Forms 5498, IRA Contribution Information; and Forms 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
In a recent issue of IRS Employee Plan News, comparing Forms 1099R and Forms 5498 was listed as a possible audit strategy.
Individual Income Tax Return; Forms 5498, IRA Contribution Information; and Forms 1099-R, Distributions from Pensions Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
SOURCE: Matched file of income tax returns, Forms 5498, and 1099-R for Tax Year 2004.
Individual Income Tax Return; Forms 5498, IRA Contribution Information: and Forms 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts.
Pete presented results from matched files of tax returns, Forms W-2, Forms 5498, and age and gender information from the Social Security Administration.