FORM 5498 REMINDER
Form 5498 is headed to some of our mailboxes over the next weeks, here are some of the reasons why:
- Rollover of a 401k or the like to an IRA – Most frequent
- Contribution to an IRA
- Contribution to a SEP
One of the most confusing parts of this form is that even though you may have made a qualified contribution for a prior year i.e. 2020, if you made that contribution in 2021, depending on the type of contribution the Form 5498 MAY show your contribution in year 2021.
Not to worry, the IRS knows there are frequently a seemingly miss match of years and accounts for this.
Here is the IRS information if you need further clarity.
Holiday Weekend
Monday is a Bank, Government, Capital Market and our Office holiday, honoring memorial day!
We happily Honor those Military … serving current, former, and no longer with us, for allowing us the safe world we live in now!
Schools Out and So are We – JK out Next Week
The kids are out as of noon today and our office will close mid-day too!
Next week, I will be out as well…
While not knowing the strength of Wifi in our destination, may be a bit more muted than normal!
Have a Great “Schools Out, Long Weekend” Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
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