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How
are deposits (contributions) to an IRA reported to the
IRS?
The
annual contributions and rollovers to IRAs are reported
on Tax Form 5498. This form is sent to IRA holders at
the end of May for the previous tax year.
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How are withdrawals (distributions) to an IRA reported
to the IRS?
Distributions,
and the taxes withheld, are reported on Form 1099R.
This form is sent to IRA holders at the end of January.
Attach it to your tax returns if there was tax withholding
done at the time of the distribution.
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Is
there any resource that can be used for IRA reporting
issues?
Yes.
The IRS Publication 590, Individual Retirement Arrangements,
provides reporting information. You can obtain Publication
590 by calling 1-800-TAXFORMS or by visiting the IRS
website http://www.irs.gov
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BUYandHOLD,
a Division of Freedom Investments does not provide legal
or tax advice. Please consult with a tax planning professional
or the Internal Revenue Service or their Publication
590, Individual Retirement Arrangements, regarding
your personal tax situation. You can obtain Publication
590 by calling 1-800-TAXFORMS or by visiting the IRS
website http://www.irs.gov
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