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My husband & I both have an IRA, each with different brokers ...& I just tonight noticed that I never received "copy B of Form #5498" which provides contribution information & end-of-year fair market value...this info also provided to IRS by brokers. Hubby received Form #5498 related to his IRA account, so I need to know how important is this Form to have in my possession. All feedback most appreciated...thanks-Apacherose
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It's very important. Remeber, you have to document what you claim. And, this form helps you establish basis on your IRA

It shouldn't be too hard to get the copy. Just call.

cat
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so I need to know how important is this Form to have in my possession.

I'm going to disagree with catscanner and say that the form is incredibly unimportant to have. You can establish that the contribution was made using the account statements your custodian sends. The market value at December 31 will more than likely be on your December monthly statement (big surprise there!!). And most of the custodians indicate somewhere on your statement what tax year your contributions were made for. That information is really only important for contributions made between Jan 1 and April 15 of any year. Those contributions could be either for the current year or for the previous year. Contributions during the other 8 1/2 months of the year have to be for the current year.

--Peter
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