Here's how it works: Say you receive a car, RV or boat loan through a credit union with which you also have a credit card. In the fine print of the loan contract, you'll probably see that your credit card balance is secured by the auto, RV or boat.ere's how it works: Say you receive a car, RV or boat loan through a credit union with which you also have a credit card. In the fine print of the loan contract, you'll probably see that your credit card balance is secured by the auto, RV or boat.
If you've made nondeductible contributions to your traditional IRA, you have to use Form 8606 to figure the taxable and nontaxable portion. Otherwise, the entire amount is taxable. In addition, if you take a taxable non-qualified withdrawal, you'll have to figure the 10 percent additional tax with Form 5329.
Your 2014 Form 5498 reports SEP and SIMPLE contributions made from Jan. 1, 2014, through Dec. 31, 2014. Contributions made in 2015, whether designated for 2014 or 2015, will be reported on the 2015 Form 5498 that we will distribute in May 2016.dward Jones is required to report the original IRA contribution on Form 5498, even though it was recharacterized to your Roth IRA. Form 1099-R reports the amount being removed from your traditional IRA, and Form 5498 reports the amount recharacterized into your Roth IRA.