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Why did I receive a Form 5498 for my recharacterization/conversion?

April 26, 2017conversion form recharacterization

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Why did I receive a Form 5498 for my recharacterization/conversion?

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If you convert or recharacterize assets from one type of IRA to another, the amount is subject to income tax. As trustee of your new IRA (to which the contribution was converted), Principal Trust Company reports that activity on Form 5498. This lets the IRS know that you deposited the money into another IRA.