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5498 instructions Form: What You Should Know

Form 5498-SA — TurboT ax 1040 and 1040A Information Oct 31, 2022 — Form 5498-SA Report. This is an electronic version of IRS Form 5498-SA, Annual IRA Contribution Statement.  This form allows you to file one year's statement of contributions for each person whose name appears in box 1 and the second box of  Form 5498-SA-2: Contributions to Individual Retirement Arrangement (IRA) Accounts.  Do not enter any changes in box 6.  Enter only one entry in box 2. If your RESP is a Roth IRA, make a contribution to a Roth IRA. If you have no income, make a contribution to a traditional IRA. If your income falls under the range from 17,500 – 50,000, you make a contribution to a regular non-registered account. After the year in which your income reaches 50,000 (or if you make a contribution that will be taxed at 10% for the year), you make the minimum amounts to make up the difference.  If your income 17,500 – 50,000 , make a contribution to a Roth IRA.  If your income 50,000 or more, make a contribution to a Traditional IRA. The amount in box 2 that you do not match or make in box 3 is taxed at 10% If your income in box 2 is 50,000 or more, this year you make 10% of your 17,500 contribution in box 3. Box 6, Line 4 : This is the amount you have to repay on your 2017 contribution to an IRA. This is the amount of the annual tax on your IRA contributions in effect at the end of 2017. Income Tax Rates for 2017 Here are the federal tax rates for the 2022 tax year. The tables have not yet been updated so don't be surprised to see a little increase in your tax bill this year. Rate Single Married/A couple Married/T couple Head of Household 10% 0 – 8,500 0 – 18,650 10% When you itemize to reduce or eliminate deductions, you make the same amounts as in a Schedule A. You can't reduce your tax deduction when making an IRA contribution. This is the 2022 tax return form for Form 1099-R.

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