IRA deduction

#6 04-13-2005, 05:16 PM

"D. Stussy" <kd6lvw[at]bde-arc.ampr.org> wrote:

- quote -

> > Claim it. You should have gotten a 5498, but you don't need
> > it as long as you have a record of the contribution.

> Why would he have gotten a 5498? They're not due out until
> May 31.

I don't get out enough. I seem to recall getting two--one
in February and another in June. I haven't made an IRA
contribution in years, though. Thanks for the correction.

--
Phil Marti
Clarksburg, MD

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#5 04-12-2005, 08:16 PM

D. Stussy wrote:
- quote -

> Phil Marti wrote:
> > "maxed_out41" <netsurfer802[at]yahoo.com> wrote:

> > > I'm trying to complete my taxes for '04 and am confused with
> > > the subject of whether I should claim a deduction with an
> > > Individual IRA account that I had opened in about August of
> > > 2004.
> > > > > Should I request a form 5498 from the custodian or company
> > > that I have the Individual IRA with if claim the amount as
> > > an IRA deduction? The amount would be for under $1000 and
> > > according to the IRS I can claim it.

> > Claim it. You should have gotten a 5498, but you don't need
> > it as long as you have a record of the contribution.

> Why would he have gotten a 5498? They're not due out until
> May 31.

True, May 31st may be THE due date, however in today's
computerized world, just about every client I know has
already gotten his. Including myself. (grin

ChEAr$$$,
Harlan Lunsford, EA n LA
11 Apr 2005
4 days and counting...... down.....\

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#4 04-11-2005, 09:08 PM

Phil Marti wrote:
- quote -

> "maxed_out41" <netsurfer802[at]yahoo.com> wrote:

> > I'm trying to complete my taxes for '04 and am confused with
> > the subject of whether I should claim a deduction with an
> > Individual IRA account that I had opened in about August of
> > 2004.
> > > Should I request a form 5498 from the custodian or company
> > that I have the Individual IRA with if claim the amount as
> > an IRA deduction? The amount would be for under $1000 and
> > according to the IRS I can claim it.

> Claim it. You should have gotten a 5498, but you don't need
> it as long as you have a record of the contribution.

Why would he have gotten a 5498? They're not due out until
May 31.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#3 04-07-2005, 06:36 AM

Thanks very much.

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#2 04-06-2005, 03:18 PM

"maxed_out41" <netsurfer802[at]yahoo.com> wrote:

- quote -

> I'm trying to complete my taxes for '04 and am confused with
> the subject of whether I should claim a deduction with an
> Individual IRA account that I had opened in about August of
> 2004.
> Should I request a form 5498 from the custodian or company
> that I have the Individual IRA with if claim the amount as
> an IRA deduction? The amount would be for under $1000 and
> according to the IRS I can claim it.

Claim it. You should have gotten a 5498, but you don't need
it as long as you have a record of the contribution.

--
Phil Marti
Clarksburg, MD

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#1 04-06-2005, 02:40 PM

maxed_out41 <netsurfer802[at]yahoo.com> wrote:

- quote -

> I'm trying to complete my taxes for '04 and am confused with
> the subject of whether I should claim a deduction with an
> Individual IRA account that I had opened in about August of
> 2004.
> Should I request a form 5498 from the custodian or company
> that I have the Individual IRA with if claim the amount as
> an IRA deduction? The amount would be for under $1000 and
> according to the IRS I can claim it.

You do not need the 5498 to elect to deduct an IRA
contribution. See Publication 590 for the rules about
whether an IRA contribution could be deductible or not
deductible.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

04-05-2005, 08:15 AM

maxed_out41 wrote:

- quote -

> I'm trying to complete my taxes for '04 and am confused with
> the subject of whether I should claim a deduction with an
> Individual IRA account that I had opened in about August of
> 2004.
> Should I request a form 5498 from the custodian or company
> that I have the Individual IRA with if claim the amount as
> an IRA deduction? The amount would be for under $1000 and
> according to the IRS I can claim it.

If you meet the requirements for making a deductible IRA
contribution, by all means go ahead and claim the deduction.
At your age, you don't need any reference to a form 5498.

ChEAr$$,
Harlan Lunsford, EA n LA
2 Apr 2005
13 days and counting

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#-1 04-02-2005, 06:58 AM

I'm trying to complete my taxes for '04 and am confused with
the subject of whether I should claim a deduction with an
Individual IRA account that I had opened in about August of
2004.

Should I request a form 5498 from the custodian or company
that I have the Individual IRA with if claim the amount as
an IRA deduction? The amount would be for under $1000 and
according to the IRS I can claim it.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

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