How to Use IRS Form 5498 on a Tax Return - TurboTax Tax Tip Video скачать в хорошем качестве

How to Use IRS Form 5498 on a Tax Return - TurboTax Tax Tip Video

https://turbotax.intuit.com/tax-tips/... Did you put money into an IRA this year? What about a Roth IRA? If so, you'll likely receive a Form 5498 from the organization that manages your retirement account. Watch this video to find out what information Form 5498 includes and how these contributions impact your taxes.   00:00 How to use IRS form 5498 00:09 Did you contribute to an IRA account? 00:27 Box 1 of Form 5498 00:41 Other types of IRA accounts 00:56 Roth IRA contributions 01:19 Want to learn more about tax savings? Click here to subscribe for more tax tips by TurboTax: https://www.youtube.com/turbotax?sub_... Watch this video to learn more about Form 5498: https://turbotax.intuit.com/tax-tips/... TurboTax Home: https://turbotax.intuit.com TurboTax Support: https://ttlc.intuit.com/ TurboTax Blog: https://blog.turbotax.intuit.com TurboTax Facebook:   / turbotax   TurboTax Instagram:   / turbotax   TurboTax Tik Tok:   / turbotax   TurboTax Pinterest:   / turbotax   ~~~ Video Transcript ~ How to Use IRS Form 5498 on a Tax Return: Did you contribute to an IRA account for retirement this year?  Let’s identify any tax savings you may get from your contributions on this edition of Tax Tips by TurboTax. If you contributed to an IRA account, you should receive Form 5498 from the organization that manages it. This form includes information about your IRA contributions for the previous tax year, which can help you determine if the contributions are deductible when filing your taxes this year.  Box 1 of Form 5498 reports the total contributions made to your traditional IRA. Depending on your income and other factors, some or all of this amount might be deductible on your tax return. But what about other types of IRA accounts? Only contributions to a traditional IRA may qualify for a tax deduction right now. However, when you retire and start making withdrawals, you must report these  withdrawals on your tax return and pay the tax on them. Your contributions to a Roth IRA, shown in Box 10 of Form 5498, aren’t deductible right now either. Instead, Roth IRA contributions are made with after-tax dollars—meaning that you already paid tax on the money used to make these contributions. So, during retirement, your withdrawals from a Roth IRA are tax-free.  Want to learn more about tax savings? TurboTax will identify the tax deductions you qualify for and ensure you get your max refund, guaranteed. Visit TurboTax.com for more info to help you file your taxes with confidence! ~~~