Form Instruction 1099-R & 5498 for Lewisville Texas 2024-2025

Form Instruction 1099-R & 5498 for Lewisville Texas: What You Should Know

In most cases, the “1099R” you earn on your dividends, payouts, retirement, etc., represents the amount of TRS paid to you in tax year 2021.  Frequently Asked Questions about Forms 1099-R and 5498 What does the 5498 have to do with a 2025 return? A 5498 is for 2025 and 2025 returns. What is the purpose of Form 5498? The purpose of Forms 5498 and 1099-R is to record distributions of cash and interest income and assets from certain accounts of the trust governed by the 5498 Trust at the end of the taxable year. If a trust does not hold a TRS, no Form 5498 will be required. Where does Form 5498 show “other funds” in the summary income line? When you see “other accounts,” that refers to the trustee which holds the TRS for you if you have one. If you do not have a TRS, you will receive a Form 1099-R. Where is Form 5498 shown in the summary income line? If the number of assets distributed in a particular year is less than your adjusted gross income, and you have been paid a distribution by the 5498 Trust, 1099-R will be shown in the summary income line. If the total of those distributions and interest income paid on your qualified principal residence in that year is equal to or greater value, you will receive a Form 5498. What is included in a Form 5498 if less than 200? The value of any non-cash distributions from your TRS that would have also been included in your summary income for the year. If the amount received is less than 200, it will not be shown on your tax return. In the event the TRS is sold, whether in a sale or in transfer, you may receive a Form 5498 for any distribution received. Example: Your tax return for 2025 was due on April 15, 2018. You receive 200 in cash distributions from your TRS during 2017. No other distribution was made by any other trust. The value of the distributions is less than your adjusted gross income of 500, so a Form 5498 does not need to be filed, for 2018. If you sell your home and receive additional cash distributions, and none of the funds represent an interest in the property, then you need to file a Form 5498 to report those distributions.

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