Form 5409
Just when you thought it ok to forget about taxes (reminder for those that have not shared their returns – we had a great tax savings year – just saying) out of the blue comes a late arriving and very confusing tax form… The 5498!
This week we received electronic notice of Form 5498 which means its headed your way soon – This forms main purpose is to settle up rollovers you made, like a 401k or the like…but here are some tips by number of the form as well…
Box 1: Shows your Traditional IRA contributions.
Box 10: Shows your Roth IRA contributions.
Box 5: Reports the Fair Market Value (FMV) of your IRA as of December 31.
Box 2-4: Details any rollovers, conversions, or recharacterizations.
If you see any errors or something that looks fishy, reach out…but for the most part, these are very accurate – jinx of course here!
Toss it into your 2026 Tax folder and keep it safe, there is nothing more that you need to do!
A Pair of 3s
Interestingly and frighteningly, on a recent flight of about 3 hours in length, a pair of 3s occurred !
At about the half way point, there were two people that had severe breathing problems in flight and required oxygen, shortly there after one person became extremely dizzy (vertigo!) Thankfully a calm nurse in the row ahead, took control and calmed not only the three people with issues, but all the passengers as well!
Upon arriving to our final destination, the first waive off of the plane during landing was very early in formation…. The second, seemed like less than 500 feet… and the thirds a frightening 200 ish feet, or so it seemed….
With ailing passengers, we were quick to get a gate with the three passengers off safely first with escorts … Be careful out there..
So the last chick exits the nest next week... seems like only yesterday the Happy Thanksgiving video was born… all part of the process….
Oh…and with a sister in Denver, Montana State was an out do/farther North selection … Bozeman .. lookout … here he comes !!
Happy Friday – Talk Next Week!
John A. Kvale CFA, CFP
AI Content Authenticity: All of the following text content has been completed by myself and has not been edited or created by AI. Occasionally we do use AI for images and will note when appropriate.
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
