Form 5498 For Eugene Oregon 2024-2025

Form 5498 For Eugene Oregon: What You Should Know

To report IRA contributions to this form, use the following information. Box 1a — Source of IRA contributions: Report the name of any IRA, including a designated Roth IRA, and any account from which contributions have been received and  deductible by the IRA. Include the amount of each contribution. Box 1b — Account from which IRA contributions have been received: Report the type (or types) of IRA account. If you have two IRA plans, enter the name of the plan as the account from which you received your contributions. You  may also report the same IRA account for the two plans, using only one name. Box 2a — IRA accounts: If you have two or more IRA plans: Enter each account's name. Include all contributions made on or after January 1, 2003. Box 2b — Balance in any account: Report the total of the deductions and the amount of your gross income in excess of the limits set by the IRA tax laws. The following instructions apply only if both boxes 1a and 2b are blank or incomplete. In these cases, the IRS will use the most recent year in which your account was active. For example, in 2017, the amount reported on the form is based on your contribution, deductible, or exclusion amount for the most recent year you have financial information for. If all you have are estimates for the years you have financial information for, consult a financial advisor or your tax advisor. Box 2b must read “2017.” If box 2b is blank, report the year the account was created or the year you became a qualifying IRA member. If you want to know if you are reporting the correct amount for your account after you have received a report showing the balance, follow all the instructions on Form 5498. For IRA contributions made on or after January 1, 2003: If all of your IRA contributions were paid in full, complete column e–n. Column c is complete only if all the funds were withheld from your wages to account for the IRA contribution. Column d is complete only if you reported your earnings on Form W-2 to determine your income tax deducted at source for the IRA contribution. Column e includes information similar to that of  Column c–d. Column f includes information about any nonqualified contributions.

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