Vanguard 2023 form 5498 just received

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Topic Author
Yvy
Posts: 166
Joined: Sun Sep 04, 2022 9:46 pm

Vanguard 2023 form 5498 just received

Post by Yvy »

Hi,
I just received Vanguard 2023 form 5498 showing IRA contribution and Roth IRA conversion plus the fair value market of Roth IRA.
I already filled my 2023 taxes by getting those values directly from those Vanguard accounts.

Should I amend my tax return?
User avatar
nps
Posts: 1675
Joined: Thu Dec 04, 2014 9:18 am

Re: Vanguard 2023 form 5498 just received

Post by nps »

What is there to amend?
User avatar
Stinky
Posts: 14557
Joined: Mon Jun 12, 2017 11:38 am
Location: Sweet Home Alabama

Re: Vanguard 2023 form 5498 just received

Post by Stinky »

Yvy wrote: Mon May 13, 2024 3:26 am Hi,
I just received Vanguard 2023 form 5498 showing IRA contribution and Roth IRA conversion plus the fair value market of Roth IRA.
I already filled my 2023 taxes by getting those values directly from those Vanguard accounts.

Should I amend my tax return?
I just got a 5498 from Vanguard also.

I don’t see anything to do except file it away with other year end 2023 tax year information.
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
Topic Author
Yvy
Posts: 166
Joined: Sun Sep 04, 2022 9:46 pm

Re: Vanguard 2023 form 5498 just received

Post by Yvy »

Okay. I will just file it away then. I did my taxes for the first time by myself this year so I was not sure what to do with the form.
User avatar
Stinky
Posts: 14557
Joined: Mon Jun 12, 2017 11:38 am
Location: Sweet Home Alabama

Re: Vanguard 2023 form 5498 just received

Post by Stinky »

Yvy wrote: Mon May 13, 2024 4:50 am Okay. I will just file it away then. I did my taxes for the first time by myself this year so I was not sure what to do with the form.
Congratulations to you for doing your taxes for the first time.

Over the years, you’ll find that preparing your own taxes will help you to learn a lot about that very important part of your financial life. Keep on growing and learning!

Best to you.
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
User avatar
Cheez-It Guy
Posts: 4098
Joined: Sun Mar 03, 2019 3:20 pm

Re: Vanguard 2023 form 5498 just received

Post by Cheez-It Guy »

This is consistent with the timing every year.

Form 5498 is a record of your IRA contributions (Roth or Traditional). It must be later like this because of the fact that you are allowed to contribute to an IRA up to the tax filing deadline of the next year.

So, for Tax Year 2023, you could make an IRA contribution to be applied to 2023 all the way up to Monday, April 15, 2024. It's one of those interesting quirks that can sometimes be beneficial. You get 15.5 months each year to contribute to your IRA.
User avatar
SmileyFace
Posts: 9431
Joined: Wed Feb 19, 2014 9:11 am

Re: Vanguard 2023 form 5498 just received

Post by SmileyFace »

Cheez-It Guy wrote: Mon May 13, 2024 5:40 am This is consistent with the timing every year.

Form 5498 is a record of your IRA contributions (Roth or Traditional). It must be later like this because of the fact that you are allowed to contribute to an IRA up to the tax filing deadline of the next year.

So, for Tax Year 2023, you could make an IRA contribution to be applied to 2023 all the way up to Monday, April 15, 2024. It's one of those interesting quirks that can sometimes be beneficial. You get 15.5 months each year to contribute to your IRA.
What you really mean is "This is consistent with the timing every year AT VANGUARD".
I got my 5498 from Fidelity back on 1/19. Just because filers can wait to make IRA contributions up to 4/15 doesn't mean Vanguard needs to withhold the form for all filers until them - but they do. Yet another minor annoyance I had with Vanguard.
User avatar
Cheez-It Guy
Posts: 4098
Joined: Sun Mar 03, 2019 3:20 pm

Re: Vanguard 2023 form 5498 just received

Post by Cheez-It Guy »

SmileyFace wrote: Mon May 13, 2024 6:12 am
Cheez-It Guy wrote: Mon May 13, 2024 5:40 am This is consistent with the timing every year.

Form 5498 is a record of your IRA contributions (Roth or Traditional). It must be later like this because of the fact that you are allowed to contribute to an IRA up to the tax filing deadline of the next year.

So, for Tax Year 2023, you could make an IRA contribution to be applied to 2023 all the way up to Monday, April 15, 2024. It's one of those interesting quirks that can sometimes be beneficial. You get 15.5 months each year to contribute to your IRA.
What you really mean is "This is consistent with the timing every year AT VANGUARD".
Yes, that's what I really mean.

FYI, similar or later timing for my Form 5498-SA from HSA Bank. Every institution I use that issues 5498 is after Tax Day. Has never interfered with my filing schedule.

What people love even more than late tax forms are revised tax forms after they have filed.

Of course, if you had already maximized your contributions within the actual tax year, a filter of sorts could be applied to be reasonably certain that the amounts wouldn't change if issuing the tax forms in an earlier tranche. Perhaps that is what Fidelity does. It would suit my situation since I maximize on January 2, 3, or 4 every year.
Topic Author
Yvy
Posts: 166
Joined: Sun Sep 04, 2022 9:46 pm

Re: Vanguard 2023 form 5498 just received

Post by Yvy »

Cheez-It Guy wrote: Mon May 13, 2024 5:40 am This is consistent with the timing every year.

Form 5498 is a record of your IRA contributions (Roth or Traditional). It must be later like this because of the fact that you are allowed to contribute to an IRA up to the tax filing deadline of the next year.

So, for Tax Year 2023, you could make an IRA contribution to be applied to 2023 all the way up to Monday, April 15, 2024. It's one of those interesting quirks that can sometimes be beneficial. You get 15.5 months each year to contribute to your IRA.
Thanks for explaining

Thanks all!
cshell2
Posts: 1276
Joined: Thu May 09, 2019 10:29 am

Re: Vanguard 2023 form 5498 just received

Post by cshell2 »

SmileyFace wrote: Mon May 13, 2024 6:12 am
Cheez-It Guy wrote: Mon May 13, 2024 5:40 am This is consistent with the timing every year.

Form 5498 is a record of your IRA contributions (Roth or Traditional). It must be later like this because of the fact that you are allowed to contribute to an IRA up to the tax filing deadline of the next year.

So, for Tax Year 2023, you could make an IRA contribution to be applied to 2023 all the way up to Monday, April 15, 2024. It's one of those interesting quirks that can sometimes be beneficial. You get 15.5 months each year to contribute to your IRA.
What you really mean is "This is consistent with the timing every year AT VANGUARD".
I got my 5498 from Fidelity back on 1/19. Just because filers can wait to make IRA contributions up to 4/15 doesn't mean Vanguard needs to withhold the form for all filers until them - but they do. Yet another minor annoyance I had with Vanguard.
I can't really fault them there, it seems like a waste of effort to send it out 3 months before the IRA contribution deadline. I'm sure a lot of people contribute between January and April 15th and they'd have to send new ones.
random_boglehead
Posts: 59
Joined: Wed Sep 06, 2023 7:12 pm

Re: Vanguard 2023 form 5498 just received

Post by random_boglehead »

Question regarding this year's 5498 for 2023. I've been doing backdoor Roth IRA contributions for 10 years now, and each year prior to 2023 only received a single 5498, for my Traditional IRA. This year (for 2023) there are two 5498 forms available, one for my Traditional IRA and one for my Roth IRA. I didn't do anything different this year, so what gives?
rkhusky
Posts: 18277
Joined: Thu Aug 18, 2011 8:09 pm

Re: Vanguard 2023 form 5498 just received

Post by rkhusky »

Cheez-It Guy wrote: Mon May 13, 2024 6:55 am
SmileyFace wrote: Mon May 13, 2024 6:12 am
Cheez-It Guy wrote: Mon May 13, 2024 5:40 am This is consistent with the timing every year.

Form 5498 is a record of your IRA contributions (Roth or Traditional). It must be later like this because of the fact that you are allowed to contribute to an IRA up to the tax filing deadline of the next year.

So, for Tax Year 2023, you could make an IRA contribution to be applied to 2023 all the way up to Monday, April 15, 2024. It's one of those interesting quirks that can sometimes be beneficial. You get 15.5 months each year to contribute to your IRA.
What you really mean is "This is consistent with the timing every year AT VANGUARD".
Yes, that's what I really mean.

FYI, similar or later timing for my Form 5498-SA from HSA Bank. Every institution I use that issues 5498 is after Tax Day. Has never interfered with my filing schedule.

What people love even more than late tax forms are revised tax forms after they have filed.

Of course, if you had already maximized your contributions within the actual tax year, a filter of sorts could be applied to be reasonably certain that the amounts wouldn't change if issuing the tax forms in an earlier tranche. Perhaps that is what Fidelity does. It would suit my situation since I maximize on January 2, 3, or 4 every year.
People can also recharacterize their contributions up to their tax filing deadline, so waiting until May seems like a prudent policy. Waiting until November is probably overkill.
jebmke
Posts: 26365
Joined: Thu Apr 05, 2007 2:44 pm
Location: Delmarva Peninsula

Re: Vanguard 2023 form 5498 just received

Post by jebmke »

rkhusky wrote: Mon May 13, 2024 8:02 am People can also recharacterize their contributions up to their tax filing deadline, so waiting until May seems like a prudent policy. Waiting until November is probably overkill.
The filing deadline is May 31 so forms being issued this month is consistent with filing requirements for this form.
When you discover that you are riding a dead horse, the best strategy is to dismount.
User avatar
retiredjg
Posts: 54612
Joined: Thu Jan 10, 2008 11:56 am

Re: Vanguard 2023 form 5498 just received

Post by retiredjg »

SmileyFace wrote: Mon May 13, 2024 6:12 am
Cheez-It Guy wrote: Mon May 13, 2024 5:40 am This is consistent with the timing every year.

Form 5498 is a record of your IRA contributions (Roth or Traditional). It must be later like this because of the fact that you are allowed to contribute to an IRA up to the tax filing deadline of the next year.

So, for Tax Year 2023, you could make an IRA contribution to be applied to 2023 all the way up to Monday, April 15, 2024. It's one of those interesting quirks that can sometimes be beneficial. You get 15.5 months each year to contribute to your IRA.
What you really mean is "This is consistent with the timing every year AT VANGUARD".
I got my 5498 from Fidelity back on 1/19. Just because filers can wait to make IRA contributions up to 4/15 doesn't mean Vanguard needs to withhold the form for all filers until them - but they do. Yet another minor annoyance I had with Vanguard.
This form is not intended to be used to file taxes. It is not due until May. To my knowledge, it has always been sent out in May. Fidelity has chosen to make it available months earlier knowing that it might change and have to be amended before May.

You can hardly blame Vanguard for sending out a form when it is due and avoiding the confusion of sending out a form that will eventually be incorrect.
rkhusky
Posts: 18277
Joined: Thu Aug 18, 2011 8:09 pm

Re: Vanguard 2023 form 5498 just received

Post by rkhusky »

jebmke wrote: Mon May 13, 2024 8:04 am
rkhusky wrote: Mon May 13, 2024 8:02 am People can also recharacterize their contributions up to their tax filing deadline, so waiting until May seems like a prudent policy. Waiting until November is probably overkill.
The filing deadline is May 31 so forms being issued this month is consistent with filing requirements for this form.
Then mid-May seems like the logical choice for sending out the 5498’s if you want to avoid sending out a lot of revised forms.
toddthebod
Posts: 6506
Joined: Wed May 18, 2022 12:42 pm

Re: Vanguard 2023 form 5498 just received

Post by toddthebod »

SmileyFace wrote: Mon May 13, 2024 6:12 am
Cheez-It Guy wrote: Mon May 13, 2024 5:40 am This is consistent with the timing every year.

Form 5498 is a record of your IRA contributions (Roth or Traditional). It must be later like this because of the fact that you are allowed to contribute to an IRA up to the tax filing deadline of the next year.

So, for Tax Year 2023, you could make an IRA contribution to be applied to 2023 all the way up to Monday, April 15, 2024. It's one of those interesting quirks that can sometimes be beneficial. You get 15.5 months each year to contribute to your IRA.
What you really mean is "This is consistent with the timing every year AT VANGUARD".
I got my 5498 from Fidelity back on 1/19. Just because filers can wait to make IRA contributions up to 4/15 doesn't mean Vanguard needs to withhold the form for all filers until them - but they do. Yet another minor annoyance I had with Vanguard.
I've had an IRA at ETrade and Schwab. Neither sent a 5498 before May.
zeeke42
Posts: 173
Joined: Sat Feb 14, 2015 4:13 pm

Re: Vanguard 2023 form 5498 just received

Post by zeeke42 »

cshell2 wrote: Mon May 13, 2024 7:32 am
SmileyFace wrote: Mon May 13, 2024 6:12 am
Cheez-It Guy wrote: Mon May 13, 2024 5:40 am This is consistent with the timing every year.

Form 5498 is a record of your IRA contributions (Roth or Traditional). It must be later like this because of the fact that you are allowed to contribute to an IRA up to the tax filing deadline of the next year.

So, for Tax Year 2023, you could make an IRA contribution to be applied to 2023 all the way up to Monday, April 15, 2024. It's one of those interesting quirks that can sometimes be beneficial. You get 15.5 months each year to contribute to your IRA.
What you really mean is "This is consistent with the timing every year AT VANGUARD".
I got my 5498 from Fidelity back on 1/19. Just because filers can wait to make IRA contributions up to 4/15 doesn't mean Vanguard needs to withhold the form for all filers until them - but they do. Yet another minor annoyance I had with Vanguard.
I can't really fault them there, it seems like a waste of effort to send it out 3 months before the IRA contribution deadline. I'm sure a lot of people contribute between January and April 15th and they'd have to send new ones.
They could send them out for people who already contributed the max though.
toddthebod
Posts: 6506
Joined: Wed May 18, 2022 12:42 pm

Re: Vanguard 2023 form 5498 just received

Post by toddthebod »

zeeke42 wrote: Mon May 13, 2024 8:17 am
cshell2 wrote: Mon May 13, 2024 7:32 am
SmileyFace wrote: Mon May 13, 2024 6:12 am
Cheez-It Guy wrote: Mon May 13, 2024 5:40 am This is consistent with the timing every year.

Form 5498 is a record of your IRA contributions (Roth or Traditional). It must be later like this because of the fact that you are allowed to contribute to an IRA up to the tax filing deadline of the next year.

So, for Tax Year 2023, you could make an IRA contribution to be applied to 2023 all the way up to Monday, April 15, 2024. It's one of those interesting quirks that can sometimes be beneficial. You get 15.5 months each year to contribute to your IRA.
What you really mean is "This is consistent with the timing every year AT VANGUARD".
I got my 5498 from Fidelity back on 1/19. Just because filers can wait to make IRA contributions up to 4/15 doesn't mean Vanguard needs to withhold the form for all filers until them - but they do. Yet another minor annoyance I had with Vanguard.
I can't really fault them there, it seems like a waste of effort to send it out 3 months before the IRA contribution deadline. I'm sure a lot of people contribute between January and April 15th and they'd have to send new ones.
They could send them out for people who already contributed the max though.
As any reader of this forum knows, there are plenty of people who recharacterize or request a return of contributions. Also, there is no useful information on the form.
Last edited by toddthebod on Mon May 13, 2024 8:20 am, edited 1 time in total.
montanagirl
Posts: 1824
Joined: Thu Nov 19, 2009 3:55 pm
Location: Montana

Re: Vanguard 2023 form 5498 just received

Post by montanagirl »

I don't understand why it doesn't show my RMD. It shows only my conversions.

Distributions were over twice that amount and I know RMDs come first. I used it for earnest money in Feb.

Should I be worried?
User avatar
retired@50
Posts: 13458
Joined: Tue Oct 01, 2019 2:36 pm
Location: Living in the U.S.A.

Re: Vanguard 2023 form 5498 just received

Post by retired@50 »

montanagirl wrote: Mon May 13, 2024 8:20 am I don't understand why it doesn't show my RMD. It shows only my conversions.

Distributions were over twice that amount and I know RMDs come first. I used it for earnest money in Feb.

Should I be worried?
No worries. The RMD (for 2023) was covered on a 1099-R you probably received in January or February (of 2024). If you've already taken an RMD for 2024, it will show up on a 1099-R in January or February of 2025.

Regards,
"All of us would be better investors if we just made fewer decisions." - Daniel Kahneman
popoki
Posts: 372
Joined: Sun Nov 26, 2023 6:53 pm

Re: Vanguard 2023 form 5498 just received

Post by popoki »

How does one get Form 5498 for years prior to 2017 from Vanguard?
Gray doesn't matter.
ekid
Posts: 969
Joined: Tue Dec 18, 2007 3:10 pm
Location: central Indiana

Re: Vanguard 2023 form 5498 just received

Post by ekid »

"I don’t see anything to do except file it away with other year end 2023 tax year information."

It is just info they send to IRS. I glance at it and put it in the 'round file'. Why not?
Hyperchicken
Posts: 2067
Joined: Mon Mar 02, 2020 4:33 pm

Re: Vanguard 2023 form 5498 just received

Post by Hyperchicken »

No affect on tax return as many have replied.

What you do want to do though is keep all your 5498 forms throughout your life in one stack of papers.

It is much easier to find your basis, should you ever need it, that way, than scramble to find old forms.
sycamore
Posts: 6580
Joined: Tue May 08, 2018 12:06 pm

Re: Vanguard 2023 form 5498 just received

Post by sycamore »

popoki wrote: Mon May 13, 2024 9:15 am How does one get Form 5498 for years prior to 2017 from Vanguard?
Call and ask.

They may not have them.

At which point you go look at your own tax returns to see if you recorded your contributions (e.g. as a deductible contribution).
jebmke
Posts: 26365
Joined: Thu Apr 05, 2007 2:44 pm
Location: Delmarva Peninsula

Re: Vanguard 2023 form 5498 just received

Post by jebmke »

Hyperchicken wrote: Mon May 13, 2024 10:32 am No affect on tax return as many have replied.

What you do want to do though is keep all your 5498 forms throughout your life in one stack of papers.

It is much easier to find your basis, should you ever need it, that way, than scramble to find old forms.
yes; rarely needed but keeping a least a copy in one place is good advice. I keep digital copies of 5498 and 8606 in a folder for tax information along with other "docs" like digital summaries of my cost basis for taxable assets. Does help avoid the inevitable easter egg hunt if one is needed. I've only needed the 5498 once in order to help reconcile HSA contributions in response to a CP letter.
When you discover that you are riding a dead horse, the best strategy is to dismount.
User avatar
retiredjg
Posts: 54612
Joined: Thu Jan 10, 2008 11:56 am

Re: Vanguard 2023 form 5498 just received

Post by retiredjg »

ekid wrote: Mon May 13, 2024 10:26 am "I don’t see anything to do except file it away with other year end 2023 tax year information."

It is just info they send to IRS. I glance at it and put it in the 'round file'. Why not?
There are reasons to keep this form. One of the most common reasons is to document your contributions to Roth IRA. In order to remove money from Roth IRA prior to age 59.5, you must be able to account for your contributions. This is a document that helps you do that.
popoki
Posts: 372
Joined: Sun Nov 26, 2023 6:53 pm

Re: Vanguard 2023 form 5498 just received

Post by popoki »

Is it safe to say that retaining these forms is not necessary after age 59.5?
Gray doesn't matter.
User avatar
beyou
Posts: 7276
Joined: Sat Feb 27, 2010 2:57 pm
Location: If you can make it there

Re: Vanguard 2023 form 5498 just received

Post by beyou »

SmileyFace wrote: Mon May 13, 2024 6:12 am
Cheez-It Guy wrote: Mon May 13, 2024 5:40 am This is consistent with the timing every year.

Form 5498 is a record of your IRA contributions (Roth or Traditional). It must be later like this because of the fact that you are allowed to contribute to an IRA up to the tax filing deadline of the next year.

So, for Tax Year 2023, you could make an IRA contribution to be applied to 2023 all the way up to Monday, April 15, 2024. It's one of those interesting quirks that can sometimes be beneficial. You get 15.5 months each year to contribute to your IRA.
What you really mean is "This is consistent with the timing every year AT VANGUARD".
I got my 5498 from Fidelity back on 1/19. Just because filers can wait to make IRA contributions up to 4/15 doesn't mean Vanguard needs to withhold the form for all filers until them - but they do. Yet another minor annoyance I had with Vanguard.
But they gave you satisfaction of having another thing to complain about and justify a decision. Give them some credit.

To me if a form is due in May, then I don’t need it for my tax return. Does not even register as minor to me. Damn less to complain about, what will I do ?
ekid
Posts: 969
Joined: Tue Dec 18, 2007 3:10 pm
Location: central Indiana

Re: Vanguard 2023 form 5498 just received

Post by ekid »

"remove money from Roth IRA prior to age 59.5, you must be able to account for your contributions."

That was 14 years ago and no contributions since age 65. Not too worried.
Gryphon
Posts: 637
Joined: Sat May 07, 2016 11:43 am
Location: Missouri

Re: Vanguard 2023 form 5498 just received

Post by Gryphon »

popoki wrote: Mon May 13, 2024 10:57 am Is it safe to say that retaining these forms is not necessary after age 59.5?
I can think of at least one instance where I would want to hang on to them past 59.5 (you've had a Roth IRA for less than 5 years so earnings are taxable if withdrawn). OTOH, assuming you have digital copies rather than paper I can't think of a compelling reason to get rid of them. I haven't deleted mine.
Gryphon
Posts: 637
Joined: Sat May 07, 2016 11:43 am
Location: Missouri

Re: Vanguard 2023 form 5498 just received

Post by Gryphon »

I never minded getting my 5498s in May (I think I got one earlier only once). My W2 had my 401K contribution info attached and I maxed out my Roth almost every year, and I could always go back & look at my statements anyway. I didn't miss it at tax time.
User avatar
retiredjg
Posts: 54612
Joined: Thu Jan 10, 2008 11:56 am

Re: Vanguard 2023 form 5498 just received

Post by retiredjg »

popoki wrote: Mon May 13, 2024 10:57 am Is it safe to say that retaining these forms is not necessary after age 59.5?
Not necessarily. Penalties go away at 59.5, but tax on the earnings in the Roth IRA does not go away until the first contribution to Roth IRA was more than 5 tax years ago. So you might want to keep one form that shows that 5 years has passed.
rkhusky
Posts: 18277
Joined: Thu Aug 18, 2011 8:09 pm

Re: Vanguard 2023 form 5498 just received

Post by rkhusky »

random_boglehead wrote: Mon May 13, 2024 7:45 am Question regarding this year's 5498 for 2023. I've been doing backdoor Roth IRA contributions for 10 years now, and each year prior to 2023 only received a single 5498, for my Traditional IRA. This year (for 2023) there are two 5498 forms available, one for my Traditional IRA and one for my Roth IRA. I didn't do anything different this year, so what gives?
I got three this year, one for a rollover tIRA and two for a Roth which I moved to the brokerage platform last year. I did Roth conversions before and after the move.
aristotelian
Posts: 12479
Joined: Wed Jan 11, 2017 7:05 pm

Re: Vanguard 2023 form 5498 just received

Post by aristotelian »

SmileyFace wrote: Mon May 13, 2024 6:12 am
Cheez-It Guy wrote: Mon May 13, 2024 5:40 am This is consistent with the timing every year.

Form 5498 is a record of your IRA contributions (Roth or Traditional). It must be later like this because of the fact that you are allowed to contribute to an IRA up to the tax filing deadline of the next year.

So, for Tax Year 2023, you could make an IRA contribution to be applied to 2023 all the way up to Monday, April 15, 2024. It's one of those interesting quirks that can sometimes be beneficial. You get 15.5 months each year to contribute to your IRA.
What you really mean is "This is consistent with the timing every year AT VANGUARD".
I got my 5498 from Fidelity back on 1/19. Just because filers can wait to make IRA contributions up to 4/15 doesn't mean Vanguard needs to withhold the form for all filers until them - but they do. Yet another minor annoyance I had with Vanguard.
I've gotten them in May just about everywhere. I do not have an IRA at Fidelity but for HSA's they do 5498-SA in May. I do see that they have 5498's ready in January but that is going to cause problems for anyone who makes contributions in the Jan-April window. I would rather just get the correct information once even if it comes later. Merrill posted my IRA form 5/17 last year.
Clarky
Posts: 257
Joined: Fri Jan 20, 2023 7:10 pm

Re: Vanguard 2023 form 5498 just received

Post by Clarky »

beyou wrote: Mon May 13, 2024 11:06 am
SmileyFace wrote: Mon May 13, 2024 6:12 am
Cheez-It Guy wrote: Mon May 13, 2024 5:40 am This is consistent with the timing every year.

Form 5498 is a record of your IRA contributions (Roth or Traditional). It must be later like this because of the fact that you are allowed to contribute to an IRA up to the tax filing deadline of the next year.

So, for Tax Year 2023, you could make an IRA contribution to be applied to 2023 all the way up to Monday, April 15, 2024. It's one of those interesting quirks that can sometimes be beneficial. You get 15.5 months each year to contribute to your IRA.
What you really mean is "This is consistent with the timing every year AT VANGUARD".
I got my 5498 from Fidelity back on 1/19. Just because filers can wait to make IRA contributions up to 4/15 doesn't mean Vanguard needs to withhold the form for all filers until them - but they do. Yet another minor annoyance I had with Vanguard.
But they gave you satisfaction of having another thing to complain about and justify a decision. Give them some credit.

To me if a form is due in May, then I don’t need it for my tax return. Does not even register as minor to me. Damn less to complain about, what will I do ?
Thanks for the laugh.
User avatar
SmileyFace
Posts: 9431
Joined: Wed Feb 19, 2014 9:11 am

Re: Vanguard 2023 form 5498 just received

Post by SmileyFace »

People here defend Vanguard practices to a fault.
If Vanguard took all your money by accident and didn't give it back for 3 months some here would say "I didn't need the money anyway - it was a long term investment so what does it matter? You just like to complain"
I am out.
em4772193
Posts: 23
Joined: Fri Mar 25, 2022 3:10 am

Vanguard Tax Form

Post by em4772193 »

[Thread merged into here --admin LadyGeek]

I just got an email from Vanguard that your 2023 5498 tax form is now avab. LOL it's a little late to be making tax forms for 2023.

What is Vanguards problem?


:)
fabdog
Posts: 2558
Joined: Wed Jan 16, 2013 12:59 pm
Location: Williamsburg VA

Re: Vanguard Tax Form

Post by fabdog »

no problem that other brokerages don't have. Most send out 5498's well after the Apr 15th deadline, showing your IRa contributions. You can use the search bar to see previous posters asking what to do with the form... file it, it shows your contributions for the year

Mike
jebmke
Posts: 26365
Joined: Thu Apr 05, 2007 2:44 pm
Location: Delmarva Peninsula

Re: Vanguard Tax Form

Post by jebmke »

The IRS due date for this form (which is purely informational for you) is May 31.
When you discover that you are riding a dead horse, the best strategy is to dismount.
User avatar
retired@50
Posts: 13458
Joined: Tue Oct 01, 2019 2:36 pm
Location: Living in the U.S.A.

Re: Vanguard Tax Form

Post by retired@50 »

em4772193 wrote: Tue May 14, 2024 1:37 pm ... it's a little late to be making tax forms for 2023.
It's not late. The form isn't due until May. It's informational and not required by the filing date. I'm guessing you don't do your own taxes.

Regards,
"All of us would be better investors if we just made fewer decisions." - Daniel Kahneman
Biscotti
Posts: 5
Joined: Mon Mar 25, 2019 7:28 pm
Location: Oregon

Re: Vanguard Tax Form

Post by Biscotti »

We received the same email from Vanguard. Form 5498 is for reporting only and isn't needed for taxes. In my case it was for a Roth conversion I made in 2023.
OneDustyBoot
Posts: 5
Joined: Sun Apr 14, 2024 5:37 pm

Re: Vanguard Tax Form

Post by OneDustyBoot »

Considering you are able to make contributions for the previous tax year up to the tax filing deadline (e.g. this year you could still make 2023 contributions up to April 15, 2024), it only makes sense that firm's would wait until those windows have closed to send out the information. Also why the deadline is after that date.

Otherwise, they would have to resend forms to accounts that had taken action that made the previous form incorrect. And then they would have to say to ignore the previous form, and people would still get confused and there would just be chaos.
User avatar
oldcomputerguy
Moderator
Posts: 18302
Joined: Sun Nov 22, 2015 5:50 am
Location: Tennessee

Re: Vanguard Tax Form

Post by oldcomputerguy »

OneDustyBoot is correct. Since you can contribute to your IRA for 2023 up until tax filing deadline in 2024, it's impossible to get those forms issued before tax filing deadline.

By the way, this isn't just with Vanguard; I get the same forms from Fidelity, since my traditional and Roth IRAs are there, and those come after tax deadline as well.
There is only one success - to be able to spend your life in your own way. (Christopher Morley)
User avatar
LadyGeek
Site Admin
Posts: 96744
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: Vanguard 2023 form 5498 just received

Post by LadyGeek »

I merged em4772193's thread into the ongoing discussion. The combined thread is now in the Personal Finance (Not Investing) forum (tax form).

(Thanks to the member who reported the post and provided a link to this thread.)
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
User avatar
nps
Posts: 1675
Joined: Thu Dec 04, 2014 9:18 am

Re: Vanguard Tax Form

Post by nps »

oldcomputerguy wrote: Tue May 14, 2024 2:02 pm OneDustyBoot is correct. Since you can contribute to your IRA for 2023 up until tax filing deadline in 2024, it's impossible to get those forms issued before tax filing deadline.
Fidelity's website says Form 5498 is available in January. Seems strange to me, but apparently not impossible.

https://www.fidelity.com/tax-information/overview
Gryphon
Posts: 637
Joined: Sat May 07, 2016 11:43 am
Location: Missouri

Re: Vanguard Tax Form

Post by Gryphon »

nps wrote: Tue May 14, 2024 4:39 pm
oldcomputerguy wrote: Tue May 14, 2024 2:02 pm OneDustyBoot is correct. Since you can contribute to your IRA for 2023 up until tax filing deadline in 2024, it's impossible to get those forms issued before tax filing deadline.
Fidelity's website says Form 5498 is available in January. Seems strange to me, but apparently not impossible.

https://www.fidelity.com/tax-information/overview
It's not impossible - I got the 5498 for one of my Fidelity IRAs back in January. But it is unusual; I almost always get them in May (I'm still waiting for the one for my Fidelity HSA). I don't understand why people are singling out Vanguard over this, in my experience their handling of 5498s was no worse than any other firm I've had accounts with.
User avatar
Cheez-It Guy
Posts: 4098
Joined: Sun Mar 03, 2019 3:20 pm

Re: Vanguard Tax Form

Post by Cheez-It Guy »

Gryphon wrote: Tue May 14, 2024 5:54 pm I don't understand why people are singling out Vanguard over this
Because that's what we do now. Get with the program!
cshell2
Posts: 1276
Joined: Thu May 09, 2019 10:29 am

Re: Vanguard 2023 form 5498 just received

Post by cshell2 »

SmileyFace wrote: Mon May 13, 2024 6:12 am
Cheez-It Guy wrote: Mon May 13, 2024 5:40 am This is consistent with the timing every year.

Form 5498 is a record of your IRA contributions (Roth or Traditional). It must be later like this because of the fact that you are allowed to contribute to an IRA up to the tax filing deadline of the next year.

So, for Tax Year 2023, you could make an IRA contribution to be applied to 2023 all the way up to Monday, April 15, 2024. It's one of those interesting quirks that can sometimes be beneficial. You get 15.5 months each year to contribute to your IRA.
What you really mean is "This is consistent with the timing every year AT VANGUARD".
I got my 5498 from Fidelity back on 1/19. Just because filers can wait to make IRA contributions up to 4/15 doesn't mean Vanguard needs to withhold the form for all filers until them - but they do. Yet another minor annoyance I had with Vanguard.
I just got my 5498 from Fidelity TODAY.
popoki
Posts: 372
Joined: Sun Nov 26, 2023 6:53 pm

Re: Vanguard 2023 form 5498 just received

Post by popoki »

Seems like the form could be mailed out in February if the maximum contribution was made in prior year. An amended form could be sent if something unusual happens afterwards.
Gray doesn't matter.
User avatar
vnatale
Posts: 3794
Joined: Sat Jul 31, 2010 8:50 pm
Location: Montague, MA

Re: Vanguard Tax Form

Post by vnatale »

Cheez-It Guy wrote: Tue May 14, 2024 6:18 pm
Gryphon wrote: Tue May 14, 2024 5:54 pm I don't understand why people are singling out Vanguard over this
Because that's what we do now. Get with the program!
!!!!!!!!!!!!!!!!!!!!
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
Post Reply