If I contribute to IRA now, how soon do I get the tax form?

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Topic Author
jxs705
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Joined: Wed Jul 24, 2013 9:45 am

If I contribute to IRA now, how soon do I get the tax form?

Post by jxs705 »

If I contribute to IRA for 2013 now, how soon do I get the tax form, such as 5498, 1099-R etc? Thanks.
sscritic
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Re: If I contribute to IRA now, how soon do I get the tax fo

Post by sscritic »

From a thread from earlier today: May.
From the link in the earlier thread:
5498
Mutual fund accounts: May
Made a tax year 2013 IRA contribution between January 1, 2013, and April 15, 2014; completed an IRA rollover, recharacterization, or conversion; or are required to take required minimum distributions.
Now that makes sense. If you can make a contribution up until April, they can't very well report it to you in February. :)
sscritic
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Re: If I contribute to IRA now, how soon do I get the tax fo

Post by sscritic »

P.S. R is for distributions, not contributions. Read the title.
Topic Author
jxs705
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Joined: Wed Jul 24, 2013 9:45 am

Re: If I contribute to IRA now, how soon do I get the tax fo

Post by jxs705 »

Thanks. if that's the case, how do I file 2013 tax before I get the tax form in May?
sscritic wrote:From a thread from earlier today: May.
From the link in the earlier thread:
5498
Mutual fund accounts: May
Made a tax year 2013 IRA contribution between January 1, 2013, and April 15, 2014; completed an IRA rollover, recharacterization, or conversion; or are required to take required minimum distributions.
Now that makes sense. If you can make a contribution up until April, they can't very well report it to you in February. :)
HouseStark
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Re: If I contribute to IRA now, how soon do I get the tax fo

Post by HouseStark »

jxs705 wrote:If I contribute to IRA for 2013 now, how soon do I get the tax form, such as 5498, 1099-R etc? Thanks.
Contributions to IRAs are reported on form 5498. Custodians are not required to issue form 5498 until May, for contributions of the previous calendar year, which makes sense since contributions can be made until April 15. The owner of the IRA does not need to have received form 5498 for any tax filing purposes. As owner, you know, and can confirm via a statement or online, how much you contributed. You can, and should confirm, that any contributions made in the Jan 1 to Apr 15 timeframe were credited to the desired tax year. That is all the information needed to complete any tax reporting for Traditional IRA contributions, whether deductible or non-deductible. Tax software may also request the information to determine eligibility for contributions or deductions. All this information is available without the form 5498.
Topic Author
jxs705
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Re: If I contribute to IRA now, how soon do I get the tax fo

Post by jxs705 »

Thanks a lot. I don't need 1099-R either for tax filing purpose, right?
HouseStark wrote:
jxs705 wrote:If I contribute to IRA for 2013 now, how soon do I get the tax form, such as 5498, 1099-R etc? Thanks.
Contributions to IRAs are reported on form 5498. Custodians are not required to issue form 5498 until May, for contributions of the previous calendar year, which makes sense since contributions can be made until April 15. The owner of the IRA does not need to have received form 5498 for any tax filing purposes. As owner, you know, and can confirm via a statement or online, how much you contributed. You can, and should confirm, that any contributions made in the Jan 1 to Apr 15 timeframe were credited to the desired tax year. That is all the information needed to complete any tax reporting for Traditional IRA contributions, whether deductible or non-deductible. Tax software may also request the information to determine eligibility for contributions or deductions. All this information is available without the form 5498.
HouseStark
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Location: Minneapolis, MN

Re: If I contribute to IRA now, how soon do I get the tax fo

Post by HouseStark »

A 1099-R is used to report distributions from an IRA, among other purposes. If you're not taking a distribution (withdrawal) from an IRA, then there will be no 1099-R. So don't wait for one.
Topic Author
jxs705
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Re: If I contribute to IRA now, how soon do I get the tax fo

Post by jxs705 »

Sorry I did not say clearly that I will need to do a backdoor ROTH IRA conversion. In that case, do I need to wait for the 1099-R to file tax?
HouseStark wrote:A 1099-R is used to report distributions from an IRA, among other purposes. If you're not taking a distribution (withdrawal) from an IRA, then there will be no 1099-R. So don't wait for one.
Alan S.
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Re: If I contribute to IRA now, how soon do I get the tax fo

Post by Alan S. »

jxs705 wrote:Sorry I did not say clearly that I will need to do a backdoor ROTH IRA conversion. In that case, do I need to wait for the 1099-R to file tax?
HouseStark wrote:A 1099-R is used to report distributions from an IRA, among other purposes. If you're not taking a distribution (withdrawal) from an IRA, then there will be no 1099-R. So don't wait for one.
You will not report a 2014 conversion until next year. You will get the 1099R for a 2014 conversion in Jan, 2015. If you are making a non deductible TIRA contribution for 2013, you will need to report it on Form 8606 with your 2013 return.

As for the 5498, even though it comes after your return is filed for the respective year (unless you extend), do NOT ignore it. Keep it indefinitely and check it to be sure it agrees with what you filed. If there is any inconsistency, get working on it right away.
Topic Author
jxs705
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Re: If I contribute to IRA now, how soon do I get the tax fo

Post by jxs705 »

so I don't Need a 1099-R for 2013 ROTH IRA conversion from non-deductible IRA?
Alan S. wrote:
jxs705 wrote:Sorry I did not say clearly that I will need to do a backdoor ROTH IRA conversion. In that case, do I need to wait for the 1099-R to file tax?
HouseStark wrote:A 1099-R is used to report distributions from an IRA, among other purposes. If you're not taking a distribution (withdrawal) from an IRA, then there will be no 1099-R. So don't wait for one.
You will not report a 2014 conversion until next year. You will get the 1099R for a 2014 conversion in Jan, 2015. If you are making a non deductible TIRA contribution for 2013, you will need to report it on Form 8606 with your 2013 return.

As for the 5498, even though it comes after your return is filed for the respective year (unless you extend), do NOT ignore it. Keep it indefinitely and check it to be sure it agrees with what you filed. If there is any inconsistency, get working on it right away.
sscritic
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Joined: Thu Sep 06, 2007 8:36 am

Re: If I contribute to IRA now, how soon do I get the tax fo

Post by sscritic »

jxs705 wrote:so I don't Need a 1099-R for 2013 ROTH IRA conversion from non-deductible IRA?
You said "now" in your OP. Now is not 2013. Now is 2014. If you convert now, it is a 2014 conversion. If you converted in February 2013, that is not now.

Contribution and conversion are different words and can happen at different times. They are reported to you separately. You report them to the IRS separately. Each goes in its own year. You need to be clear when you did what and to what year it attaches.
Topic Author
jxs705
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Joined: Wed Jul 24, 2013 9:45 am

Re: If I contribute to IRA now, how soon do I get the tax fo

Post by jxs705 »

I am sorry but you make me confused now. I thought the deadline was April 15th. Here is what I wanted do:
I contribute 5000$ after-tax money to the 2013 non-deductible traditional IRA now, then I converted it to Roth immediately. So you are saying the contribution is for 2013, but the conversion is for 2014? How should I file the 2013 tax then? Should I report the conversion for 2013 tax filing? Thanks.
sscritic wrote:
jxs705 wrote:so I don't Need a 1099-R for 2013 ROTH IRA conversion from non-deductible IRA?
You said "now" in your OP. Now is not 2013. Now is 2014. If you convert now, it is a 2014 conversion. If you converted in February 2013, that is not now.

Contribution and conversion are different words and can happen at different times. They are reported to you separately. You report them to the IRS separately. Each goes in its own year. You need to be clear when you did what and to what year it attaches.
Alan S.
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Re: If I contribute to IRA now, how soon do I get the tax fo

Post by Alan S. »

Yes, the contribution goes on your 2013 return because it is FOR the year 2013. The conversion cannot be done FOR 2013 unless the distribution for the conversion was taken in 2013. So the conversion will go on your 2014 return, not on your 2013 return.

The rule that allows you to make contributions up to 4/15 for the prior year does NOT apply to conversion contributions, just to regular contributions.
sscritic
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Re: If I contribute to IRA now, how soon do I get the tax fo

Post by sscritic »

Here is an example, which I hope will clarify things. This month, you can

1) Make a $5,000 contribution _IN_ 2014 _FOR_ 2013.
2) Make a $5,000 contribution _IN_ 2014 _FOR_ 2014.
3) Convert $10,000 _IN_ 2014.

Note that contributions are _FOR_ a year, but a conversion is only _IN_ a year, not _FOR_ a year. The conversion _IN_ 2014 will be reported on your 2014 tax return.
placeholder
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Re: If I contribute to IRA now, how soon do I get the tax fo

Post by placeholder »

There's nothing special about the conversion for backdoor Roth so you could contribute for 2013 and convert it ten years from now and that obviously wouldn't be something you'd report on the 2013 return.
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