I moved my Roth IRA from one broker to another in 2012.
The one that was closed sent me nothing; I would have expected a 1099R. Should I have gotten something from them?
The one that I opened sent me a Form 5498. What do I do with that?
I sincerely appreciate your help.
If it was done as a direct transfer from one custodian to another, no.
The 5498 serves two purposes. First, it documents money going into your IRA during the year. Second, it shows your year-end balance, which is necessary for calculating required distributions once you're 70 1/2. If this duplicates other documentation you have there's no reason to keep it.
Phil Marti VITA/TCE Volunteer Clarksburg, MD
during the year. Second, it shows your year-end balance, which is necessary for calculating required distributions once you're 70 1/2. If this duplicates other documentation you have there's no reason to keep it.
So nothing at all goes on my income tax return; the 5498 is just for informational purposes? I spent an hour googling this and found one reference from 2003 that said you do nothing, but it was so vague and out of date that I wanted to be sure. Thanks for your help.
The year-end balance is also needed if you make any non-rolled-over distributions from any traditional IRA account and have ever made any non-deductible IRA contributions to any traditional IRA account.
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