You will use your trade confirmations and statements to report your IRA contributions to the IRS.
You will receive a Form 5498 if you:
Own(ed) a retirement account (such as your Redwood IRA, or an external employer-sponsored plan account) and:
- Made a contribution (including catch-up contributions) to an IRA between January 1st of the previous tax year and April 15th of the current tax year.
OR
- You completed a rollover into an IRA during this timeframe.
While Aspiration sends a copy of this form to the IRS, it generally isn't necessary when you're preparing your tax returns. All you need to do is keep it for your records!
This form is distributed in May, because contributions can be made until April 15th for the previous tax year.
We do highly recommend reaching out to a trusted tax professional or financial advisor who is familiar with your personal financial situation before making any financial decisions. Aspiration is not licensed to provide investment or tax advice of any kind.
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