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Form 5498 online Grand Prairie Texas: What You Should Know

Taxpayers who are not able to make a contribution to an IRA must file Form 5498 with their federal income tax return.   Doing so creates a tax credit of up to 1,000 and a new IRA deduction. To be eligible for the deduction, an IRA must be converted into a Roth IRA. You may transfer funds to or from a Roth to an IRA when you are the owner, annuitant or contributor of the Roth.  You can't convert an IRA to a Roth IRA early unless you want to withdraw the money before age 59 ½. You must have been the owner, annuitant or contributor in the year of conversion. The conversion can be made as soon as you pay the tax. After converting your IRA, to avoid double taxation you can use this IRS Form 5498, IRS Notice of Withholding for Contributions, to report the income tax the money is now taxed as if it were a distribution.

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