I have a form 5498 on fair market value of account of $2047. Does that goes on the 1040 or what form. This year I am seeing NEW things come across my desk and have to investigate them (which I have all the time in the world to do.) Thank you for any thing on this one for me. You people are a life saver for me out there and I do appreciate it very much. (and of course the people behind this board)
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SueBaby -
A 5498
will not only report FMV of an IRA, but It will also show contributions to an IRA which you would put on line 28 of a 1040 if the TP is qualified to have a deduction for the contribution to a standard IRA. Roth IRA contribution would not be reported on line 28, but would show on the form 5498 in order for you to calculate whether the TP is elgible to make a Roth contribution. The form will also show other information for you to use in the prep of their return.
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