An Individual Retirement Account that provides either a tax-deferred or tax-free way of saving for retirement. There are many different types of accounts within the world of IRAs, depending on the financial goals and situations of each individual, though traditional and Roth IRAs are the most common choices.
Form 5498 is used to report to the IRS; the Fair Market Value (FMV) of IRAs and, any regular or rollover contributions made to IRAs for the prior tax year. This form is generally mailed in late-May, as we are required to include any contributions made for the prior tax year (which may be made up until mid-April of the next year).
If you live in a community property or marital property state (currently: AZ, CA, ID, LA, NV, NM, TX, WA, WI), you must obtain spousal consent in order for your beneficiary designation to be valid. Depending on the laws of your particular state, you may also need that consent to be notarized by a Notary Public.
You may contribute funds every year you receive IRS-defined compensation. Funds and property from other retirement accounts may also be transferred or rolled over in the new account. You may access the Contribution Form, here.
Required Minimum Distributions are the US Government’s way of ensuring that taxes are eventually collected on all tax advantaged retirement savings accounts, including IRAs. Generally, you must begin withdrawing a portion of your retirement savings the year in which you turn age 72. Click the following link for more information on Understanding RMDs.