Guest McCarthy Posted January 26, 2000 Posted January 26, 2000 Example 1: 01/26/1998 Open an IRA account with a payment of $5,000. 12/31/1998 Fair Market Value of $6,500. 04/15/1999 Create a 5498 with the following values: IRA Contrib $5,000 FMV $6,500 IRA Box X 05/05/1999 Close IRA account and created Roth Account. FMV $6,500 12/31/1999 1099-R reporting distribution (rollover) Fair Market Value of $8,000 04/15/2000 Create the 5498. Situation 1: Roth Conv Amt $6,500 FMV $8,000 Roth IRA Box X Situation 2: Roth Conv Amt $6,500 FMV $8,000 Roth IRA Box X Rechar Box X Situation 3: Rollover Contrib $6,500 FMV $8,000 Roth IRA Box X Rechar Box X Which of the above is correct or what is correct?
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