brokerage tax form 5498 for Roth IRA

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Subject Author Date brokerage tax form 5498 for Roth IRA Jim 06-04-2008  Re: brokerage tax form 5498 for Roth IRA Mark Bole 06-04-2008  Re: brokerage tax form 5498 for Roth IRA Ron Peterson 06-04-2008
Posted by Jim on June 4, 2008, 7:12 pm my understanding, since I am funding a Roth IRA with after tax contributions and staying within limits, there is nothing I need to do with the brokerage (vanguard) provided form 5498 - is that correct ? since everyone here likely has a roth ira, do you take any action on this form or just "file it" ? -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Mark Bole on June 4, 2008, 7:48 pm Jim wrote: > my understanding, since I am funding a Roth IRA with after tax > contributions and staying within limits, there is nothing I need to do > with the brokerage (vanguard) provided form 5498 - is that correct ? Correct. You might need it if in the future you want to withdraw your contributions (not earnings) without penalty before full retirement age. The annual forms would document how much you contributed. -Mark Bole -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Ron Peterson on June 4, 2008, 8:19 pm > my understanding, since I am funding a Roth IRA with after tax contributions and > staying within limits, there is nothing I need to do with the brokerage (vanguard) > provided form 5498 - is that correct ? > > since everyone here likely has a roth ira, do you take any action on this form or just > "file it" ? The 5498 forms are reported to the IRS by the brokerage. So, if you over contribute, you may have problems. -- Ron -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Similar Threads Posted K-1 form for limited partnership October 8, 2007, 3:53 pm Looking for low exposure brokerage April 15, 2008, 5:40 pm stock brokerage insurance March 8, 2008, 7:20 pm how safe are brokerage cash accnts? October 10, 2008, 5:35 am roth ira April 30, 2008, 5:06 am roth ira November 20, 2008, 3:31 pm Tradtional IRA/SEP to Roth November 6, 2006, 5:14 pm Roth 401K? January 2, 2007, 5:04 am Roth 401k vs. Roth IRA vs. 401k January 8, 2007, 5:00 am New Fidelity Roth IRA February 8, 2007, 4:55 am