Form 5498 is not directly related to your tax returns as it is not submitted with it. Nevertheless, it is an indirect role with the confirmation of IRA contributions, ...
Form 5498 is not directly related to your tax returns as it is not submitted with it. Nevertheless, it is an indirect role with the confirmation of IRA contributions, rollovers, and conversions as they appeared on your return elsewhere. Tax Form 5498 is used by the IRS to compare data of Form 1040 and Form 8606. In the event of discrepancies, this type is a testament of true reporting. The retained Tax Form 5498 will come in handy during an audit and will also verify that you have contributed to your retirement as per the IRS limit.