Form 5498 Lansing Michigan 2024-2025

Form 5498 Lansing Michigan: What You Should Know

Form 5498 is not used for IRA distributions from a qualified retirement Plan. IRA distributions from a qualified retirement Plan are treated under the rules from IRC Section Roth IRA. All IRA distributions made from a 401(k) Plan, 403(b) Plan, or governmental 457(b) Plan are subject to a 10% additional 10% tax. Only IRA distributions from a 401(k) Plan, 403(b) Plan, or governmental 457(b) Plan are not subject to Form 5498 until the first year the participant enters retirement. This form can be filed electronically through the IRS. Form 5498 can be completed online, in pencil, or in pencil and scanned. We cannot accept paper submissions. The following is a complete list of requirements to be on a Federal Tax Return: (a) You must be 18 years of age or older. (b) You are single. Your net income in the taxable year is 2,000 or more. (d) Your gross income for the calendar year with no more than 5 children is 15,000 or more, unless you are married and file a joint return. (e) Your gross income for the last 2 taxable years is 22,000, 40,000, or 60,000, and your gross income for your last 12 months is 20,000 or more. (f) You have no more than 5 dependents, as defined in section 152; and (g) You meet the IRS requirement for Social Security number (SSN) verification. If you have any questions concerning Form 5498, please contact the Taxpayer Services Center of the City of Lansing at 734.764.

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