brokerage tax form 5498 for Roth IRA

Jun 04, 2008 2 Replies
J

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" ?


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M

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.

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R

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.

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