IRS from 5498
Category: Business and Money > Accounting
Asked by: levtol-ga
List Price: $5.00
18 Jun 2006 11:34 PDT
Expires: 22 Jun 2006 09:07 PDT
Question ID: 739152
My traditional IRA custodian filed form 5498 with a wrong tax year. I opened the account and sent deposit in Feb.,2005 meaning the deposit is for the tax year of 2004. I filed a tax return for the year 2004 claiming deduction. Recently I received form 5498 which indicates that the deposit was recorded for the tax year 2005. The custodian refuses to re-file the form because I haven't indicated the tax year on the check and it was more than 6 months since the deposit. What can/should be done to correct this error?
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Re: IRS from 5498
From: ubiquity-ga on 19 Jun 2006 08:23 PDT
Talk to someone higher up and make them change it. otherwise, just keep records of what happened so if the IRS ever makes in inquiry you can show them the paperwork and all will be good. (I had a similar problem and the IRS sent a letter; I replied with a well written letter and attached a few documents... and all was good). You also want to clean up the custodian's record for another reason; when you want to put in your 2005 contribution, your custodiuam might not let you do it claiming u already put in your full amount. good luck.
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