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Form 5498 online Orange Florida: What You Should Know

In general, Form 5498 reports what type of account your IRA belongs to. A non-qualified IRA can have up to 55,000 in cash. IRA's with excess cash must carry over and report them on Form 5498. IRA's with excess capital gain also have to report the capital gain on the Form 5498. The Form 5498 is not sent to the IRS. However, if you are the trustee or holder of an IRA that is used for medical care, you are the person who should be sending it to the IRS. The account holder should include an IRS Form 1095-B with the Form 5498. Check with the custodian of the IRA for more information. If the custodian has any questions about the Form 5498, then they should contact you at your regular phone number.  When Is IRS Form 5498 Required? If you are a trustee or holder of an IRA, and make any IRA contribution(s), then you are required to file a federal income tax return with the IRS. However, this does not necessarily mean you will be required to file a Form 5498 with the IRS.  The form is only required if any: You are the IRA custodian for a trust, for example, your brother's, your children's' or your parents' accounts. You make a lump sum IRA contribution that meets the following conditions: The amount that exceeds 3,000 in a calendar year. The same type of IRA contribution is being made by more than one person or by two or more different individuals at the same time. The value of the lump sum exceeds the contribution limit of 55,000 in a calendar year. The contribution limit does not apply to IRA contributions made in other years unless the IRA is part of a trust established for those other years. The lump sum contribution (either the aggregate of the contributions or all individual contributions made during a calendar year) is made to a IRA, and you made such a contribution within 60 days of October 30 in any tax year as defined by the provisions of IRC section 6039A(l).

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