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Hialeah Florida online Form 5498: What You Should Know

Your IRA contributions are the investment, insurance (other than insurance provided by the plan), annuity and annuity contract contributions (i.e. contributions made using pre-tax dollars). Accordingly, IRA contributions are made from: Contribution Type Allocation for IRA contributions Allowed IRA contributions: After-tax contributions Other Contributions Required IRA contributions (i.e. earnings or other contributions from the IRA): Mandatory IRA contributions(i.e. contributions to your paycheck to the IRA), and After-tax contributions or other contributions from your IRA: Your IRA contributions are usually made yearly when you contribute more than you have earned and invested; The amount of each IRA contribution used to meet the year-end IRA contribution limits is not part of Form 5498. The following table compares the types of contributions you can make and how it is handled and taxed by the IRA. Contribution Allocation For 2018, IRA contributions can be made up to 5,500 for individual tax-filing and 5,000 for joint filers. Contributions to tax-sheltered IRAs are limited to 3,000 per year. However, the IRS and State Governments will still determine your tax-free dollar amount by taking the following steps: 1. Allocations from pre-tax 401(k) withdrawals or after-tax contributions (as adjusted for inflation; see table) are considered as IRA contributions. 2. In some cases, you may pay a 100% tax deduction on your post-tax 401(k) contributions and after-tax IRA contributions. As of December 2013, this deduction is only available for those age 50 and older who make an entire distribution from their 401(k) before age 70-1/2; this is called a “qualified rollover” or QR deduction (see IRS Publication 590-A, Employee's Withholding Allowance for the year you turn 70-1/2). In addition, the following table applies if you make both pre-tax and after-tax IRA contributions. IRS Form 5498 Example Form 5498 — IRA Contribution Information (Filing Status: Not Form W-2G, Married Filing Separately, and Head of Household) File Form 5498 (Filing Status: All) and complete the required information, such as if the person(s) making the contributions is a spouse or child.

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