This is a new one for me. The TP has a form that says 5498 and block 5 for the fair market value, which won't tell me the contributions for 09 right? I guess I'll contact the TP and see did they have contributions. They got no distributions, so otherwise this form is pointless right? I appreciate your knowledge on this!
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5498 is really an information form for the tax payer and a form for the IRS to keep track of IRA's and SEP's. Boxes 1 through 4 will show contributions, conversions, etc. If those boxes, 1-4, are zeroed out, nothing was done to affect their 2009 return. (Assuming the broker or other agent did their work correctly!!) -
Thanks!!! I will double check with the TP on contributions just in case!Comment
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Well, usually the preparer doesn't need it
Well, usually the preparer doesn't need the 5498, but it is necessary to know that info when there are non-deductible contributions in an IRA, and a withdrawal is taken. The taxable portion has to be figured using the value at 12/31.If you loan someone $20 and never see them again, it was probably worth it.Comment
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Rmd
...and for calculating RMDs.Comment
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