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{OT} IRS form 5498 for 2009

A couple of days ago we got a form 5498 from VALIC - looks exactly like a

1099. Thing is that this form is for 2009 but shows current value, as of 3-31. Anyone else get this form?

This is from wife's 403b rollovers nearly 2 years ago - no tax liability - no withdrawals but "This information is submitted to the IRS by the trustee---to show the fair market value"

Is this possibly the start of some fort of means test? I mean will "HE/THEY" start saying "you have x bucks so you don't need social security?

Am I paranoid or is this the start of something? We had to report this in the year we rolled it over so its not a secret from the IRS.

Reply to
ron
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It's nothing new. If you've been making IRA contributions over the years, you should've seen this form before. Or, someone's stealing your mail.

"Why did I receive a Form 5498? Federal law requires TIAA-CREF to report deductible and nondeductible contributions, conversions, recharacterizations and rollovers you made in 2007 (and year 2007 contributions remitted between January 1 and April 15, 2008). These amounts are indicated on Form 5498. Form 5498 also reports the Fair Market Value (FMV) of your IRA contract(s) as of December 31, 2007."

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Reply to
JoeSpareBedroom

nope Joe, both Lincoln Life and Fidelity have been reporting on 1099-r including 2009 before we rolled it over early in the year. So I just can't see why its necessary to send a form for TY 2009 in June 1st of 2010.

Reply to
ron

The 1099R has a different purpose. Take a close look at both forms. If you don't SEE the difference.....

Reply to
JoeSpareBedroom

She has been making 403b contributions for 10-15 years and NEVER got anything but a 1099R - the 5498 shows fmv but why would they need that info until payouts are made (incurring tax liability) and waiting 5 months past the end of the tax year to send it?

Since I blindly trust Turbo-tax to figure it all out I don't try to keep up with it. (This isn't a commercial - but TT did good for us going thru several trust/estate settlements-got all the forms right)

Reply to
ron

- The 5498 isn't intended to report contributions to a 403b.

- Purpose: "to report deductible and nondeductible contributions, conversions, recharacterizations and rollovers you made...", but NOT to a

403b.

- Because you can make contributions until April whatever for the prior year, the form is held until that determination is made.

- FMV: No idea why

Reply to
JoeSpareBedroom

I get them every year, too.

Jeff

Reply to
dr_jeff

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