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Posted by NKaufman on June 6, 2006, 7:29 am
Please log in for more thread options Paul Thomas wrote:
>> I made contributions to a 401k plan at work and put in 12K
>> for the year. However my form 5498 shows that I have put in
>> 11K. I called them up and they said that since they received
>> the check from my company (for Dec 2005 contribution) in Jan
>> 2006, that month was not included.
>>
>> does that sound right?
> While it may not *sound* right, it is. See the instructions
> for Form 5498. http://www.irs.gov/pub/irs-pdf/f5498.pdf
>
> The value is as-of December 31st, so any deposits that get
> made after that date won't show. If it's the deposits made
> during the year, those will include the December 04 deposit
> made in January 05 but not include the December 05 deposit
> made in January 06.
I'm afraid that it does not sound right.
If you look at boxes for IRA contributions, they state that
the amount for 2005 till April 2006. So why would employee
plan contributions i.e 401K be treated any differently?
And since I have claimed deduction of 12K in my taxes and
the 5498 reports 11K, does that not raise a flag?
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