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Financial Planning / Tax Strategies


Subject:  Re: Form #5498 Date:  7/6/2004  12:42 AM
Author:  ptheland Number:  72449 of 133131

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.

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