Reply To: Form 5498 line 7

Home Fairmark Forum Retirement Savings and Benefits Form 5498 line 7 Reply To: Form 5498 line 7

#20957
Alan S.
Participant

Yes, it is correct. The actual contribution type boxes are more important, and initially in post 2 I had forgotten that an IRA type box even existed, since it is optional for custodians and may serve as another checking mechanism that the custodian has the contribution box correct. Fact is, a TIRA contribution can be made to a SEP IRA (happens quite often) as you did, or a SEP contribution can be made to a TIRA (very rarely done), since a SEP IRA is just a TIRA with special contribution provisions that become extraneous once a business is closed.

Again, I think box 7 is intended to make the custodian think twice that the correct contribution type was reported.