Antioch California online Form Instruction 1099-R & 5498 2024-2025

Antioch California online Form Instruction 1099-R & 5498: What You Should Know

Form 1099-R must be filed with each return by August 31st of each year to cover distribution of assets to beneficiaries under a qualified distribution plan.  Generally, the distributions must be made in amounts that do not exceed the applicable maximum aggregate income tax exclusion amount for the year of the distribution.  However, distributions from individual retirement accounts (IRA's) and certain other retirement plans must be disclosed before the 1099-R filed with Schedule C.  Other than the required minimum distribution requirement, there are no requirements with respect to the form.   Example: On the first line of Schedule C, enter IRA contribution” (not just IRA contribution”). On this line, you should enter the total income to be received from your IRA for the year in box 2, and include “the least of”, “the fair market value of all the qualified property distributed to you under the plan” or “the reduced cost of property”. If the plan requires reduced cost of property in box 2, enter 5,000 as “the reduced cost of property”.  If the income of the qualified property you distribute is not taxable, you can enter “Yes”. You cannot enter “No.”  You can also complete Schedule C.  Example: Enter the fair market value of your stock holdings. Enter your income from the sale of stocks (12,000), and your IRA distribution. The IRS requires that you report the distribution on line 17 with “IRS Form 5498.” (Filing this form should be completed before the due date of the return due to the special deadlines.)  If this is a Roth IRA, the distribution will be fully tax-free, even if the Roth is converted to a regular IRA. If you were not required to file Form 5498, you should mail or email Form 5498 to yourself or your IRA trustee by April 15, 2019.  See IR-2018-87, Individual Retirement Arrangements and Form 5498. Also see IRS Publication 590, IRA and Keogh and Other Individual Retirement Arrangements. If you report a distribution on lines 11 and 12 of Schedule C instead of with code 1, this would be reporting a qualified distribution.

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