Vista California online Form 5498 2024-2025

Vista California online Form 5498: What You Should Know

Retirees (SIMPLE IRA), Deferred Compensation Contributions (DC Plan), and SEP-IRA distributions. If you choose to report your distribution amounts with IRS Form 5970 or Form 8958 (the IRA rollover reporting forms), make sure to complete this form along with IRS.gov to record the total amount of each distribution to each of your accounts, and not just the amount of funds sent to each account. You do not need this form to complete Form 5498 for distributions made under a SEP, or if your account was closed as a result of a merger or change in control, the accounts no longer exist. If a SEP account exists, however, you must complete Form 5498 for it, or if you have opened a new account, and need to report IRA funds to meet the 10% early withdrawal penalty. Forms are not required if you have not received an early withdrawal penalty. For more information, visit . If your Roth IRA or SEP account closed as a result of a merger or change in control, and you plan to transfer its contents to another account, you must complete a Form 5498 for each account and send it to us, or to the original IRA holder. If you decide not to fill out this form, complete IRS Form 5968 to request the return of IRA assets from the individual account of the IRA owner. Make sure to do this if there are any assets to be returned to one of your accounts. Please fill out IRS Form 5498 when reporting contributions or distributions from a Roth or SEP to a traditional IRA, even if you have not received an early withdrawal penalty. Form 5498: For retirement account contributions — H&R Block Apr 20, 2025 — The 5498 tax form reports IRA contributions, like Roth and traditional IRAs, Simplified Employee Pension (SEP), Savings Incentive Match Plan for  Retirees (SIMPLE IRA), Deferred Compensation Contributions (DC Plan), and SEP-IRA distributions. If you choose to report your distribution amounts with IRS Form 5970 or Form 8958 (the IRA rollover reporting forms), make sure to complete this form along with IRS.gov to record the total amount of each distribution to each of your accounts, and not just the amount of funds sent to each account.

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