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Form 5498 Demystified - Essential Tax Information for Retirement
Manage episode 422839808 series 2810299
Contenuto fornito da Radon Stancil, CFP® & Murs Tariq, CFP®, Radon Stancil, and Murs Tariq. Tutti i contenuti dei podcast, inclusi episodi, grafica e descrizioni dei podcast, vengono caricati e forniti direttamente da Radon Stancil, CFP® & Murs Tariq, CFP®, Radon Stancil, and Murs Tariq o dal partner della piattaforma podcast. Se ritieni che qualcuno stia utilizzando la tua opera protetta da copyright senza la tua autorizzazione, puoi seguire la procedura descritta qui https://it.player.fm/legal.
In this Episode of the Secure Your Retirement Podcast, Radon, Murs, and Taylor discuss the significance of Form 5498 as an essential tax information document. Taylor describes Form 5498 as an informational document that reports contributions, rollovers, and required minimum distributions (RMDs) related to IRAs.
Listen in to learn why Form 5498 is important for record-keeping and verification purposes but does not impact the already filed tax return. You will also learn why the form shouldn’t cause alarm since it doesn’t necessitate any changes to the already filed tax returns.
In this episode, find out:
- The informational purpose of Form 5498 is to verify contributions to and rollovers between retirement accounts.
- The information reported on Form 5498 includes contributions to IRAs, rollovers, and RMDs.
- The difference between the taxable distributions reported on Form 1099 and the informational nature of Form 5498.
- Why Form 5498 does not require any changes to already filed tax returns.
- How Form 5498 helps the IRS verify that contributions reported on tax returns were actually made.
- A practical example of a 401k rollover and how it's reported using Form 5498.
- Why Form 5498 comes out later in the tax year as opposed to other tax return forms.
Tweetable Quotes:
- "Form 5498 is for your records in case you were ever to be audited or need to prove to the IRS that you did something this way or that way."- Murs Tariq.
- "The 5498 reports contributions to accounts, or sometimes custodians will send out 5498s to show what the required minimum distribution should have been for the prior year."- Taylor Wolverton.
Resources:
If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!
To access the course, simply visit POMWealth.net/podcast.
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