Form 5498 Houston Texas 2024-2025

Form 5498 Houston Texas: What You Should Know

Box 1 is also required to show the IRA held indirectly (see IRM 25.6.1.6.1, IRA Held Indirectly). For IRA contributions, box 2 shows amounts included in the reporting box (see IRS Publication 516(a)(1)-1, IRA Limits and Deductions, if applicable, for instructions). If you have no contributions from a third party, enter “0”. If you have contributed less than the maximum contribution limit for IRA contributions, enter zero. It is not necessary to enter more than is required to meet the IRA contribution limit. You can report an adjusted basis in the IRA for tax purposes. For more about IRA contribution limits, see Publication 515, Contributions to an Individual Retirement Arrangement. Box 3 shows the amount of the contribution from each person in dollars, which may be an individual, a marital account (such as a spousal IRA or a couple's IRA), or an IRA held indirectly (such as a joint IRA or IRA with money in it through an employer). Boxes 3, 4, and 5 are required to show a contribution by each person for whom you have information (such as a payee or contributor) and for whom you have an IRA account. As with box 1, box 3 is also required to report any income included in the contribution (as the result of a sale of a principal residence or from a sale of a real property). These boxes don't have to be filled out altogether. If you don't enter the information required to be in the box, the box will be defaulted to an empty box. Box 6 is required to show the gross amount on which the balance to all accounts for the year (and, accordingly, gross contributions) is to be charged. The following examples illustrate what is required in boxes 3, 2, 4, and 5.  Example 7 – 200, 300, and 500 The following tables give you more detailed information on gross contributions and total gross contributions.

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