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taxhelpwanted
Mar 25, 2006, 12:36 PM
Hi! This question is regarding 2004 Tax year. I contributed $1000 towards Roth Year during the year of 2004. The fair market value of this contribution was $1029 on 31st December, 2004. Only recently, I have realized that I have completely forgotten about Form 5498 which came as result of this contribution. What should I do now? I am going to file taxes for this year. What should I do about this mistake??? I need your help.
AtlantaTaxExpert
Mar 25, 2006, 10:35 PM
You need do nothing. Form 5498 is an informational form sent to the IRS to inform them that you have an IRA. It does not have to be filed on your tax return.
taxhelpwanted
Mar 26, 2006, 07:04 AM
Dear AtlantaTaxExpert:
Thanks for helping me with this question. I appreciate your prompt response.
AtlantaTaxExpert
Mar 26, 2006, 08:10 PM
Glad to help!