Did you put money aside for your retirement this year into an IRA account? If you did, you may be able to deduct some of those contributions on your federal tax return. Watch this video to find out more about this and Form 5498.
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Oh, I started to freak out when I realized I didn't file 5498 but that video cleared that it was not required for me
What about a simplified employee pension SEP CONTRIBUTION? Does that affect my tax reporting? I know its not deductible but is it used to determine my tax liability in any way. I always do my taxes February 1st as a w2 employee using turbo tax. Will I get a penalty if I don’t include sep contributions?