Personal Finance (Not Investing) • Using IRS Form 5498 - How do I reconcile withdrawals on my tax return?

[Moved into a new thread from: How to calculate Roth contributions vs earnings --admin LadyGeek]

You receive a 5498 form every year that you contribute to an IRA. That form shows your contribution in that year. Go through the past forms and add up the numbers.

A related question: I have 5498s downloaded since 2018, which help me tally up my contributions. If I make a withdrawal up to that amount, is it straightforward to reconcile them in my tax returns? I need some money and I am wondering if it is reasonably easy to withdraw the Roth contributions and account for them in tax returns. If anybody has gone through this exercise, I would appreciate their experience. I am not 59.5 yet.

Statistics: Posted by sidartvader — Sat Oct 05, 2024 4:55 pm — Replies 1 — Views 97

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