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What is IRS Form 5498?

A:

Quick Answer

Internal Revenue Service form 5498 reports the amount of money that taxpayers contribute annually to their Individual Retirement Accounts, including Roth and traditional IRAs. Trustees for IRAs must file this form with the IRS by May 31, and taxpayers may need the form to calculate their deductions, notes TurboTax.

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Full Answer

The form deadline is May 31 because taxpayers can make traditional IRA contributions until mid-April and still take deductions for those contributions in the previous tax year, TurboTax explains. Contributions to a Roth IRA aren't deductible, but contributions to a traditional IRA may be deductible, depending on the taxpayer's income and whether the person's employer offers a retirement plan, the IRS notes.

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