If you attained 70½ years of age or older in 2007, Federal law requires that you take a minimum distribution from your TIAA-CREF Traditional, Rollover or SEP IRA account(s) in the 2008 calendar year. When you are taking your first payment in the calendar year after you turn 70½, two distributions are required for that year. The first payment must be taken by April 1 and the second by December 31. Your total annual required distribution must be withdrawn by December 31, 2008.
To request a calculation of the amount of your 2008 required minimum distribution, please call us at 1 800 842-2776 weekdays from 8 a.m. to 10 p.m. and Saturdays from 9 a.m. to 6 p.m. (ET).
back to top What are the IRA contribution limits? Generally, contributions are based on earned income. Earned income includes all the taxable income and wages you received from working. In addition, a phased-out income level may further reduce the contribution limits. Read IRS Publication 590 for further details.For tax year 2007, the maximum contribution limit is $4,000. For tax year 2008, the maximum contribution limit is $5,000. If you are age 50 or over, you can contribute an additional $1,000 for the 2007 and 2008 tax years.
back to top I received a refund of an IRA Excess Contribution, but Form 5498 still reflects my entire contribution. Will I receive a revised Form 5498? No. TIAA-CREF is required to report the entire contribution including the excess contribution amount to the IRS. However, you will receive IRS Form 1099-R to reflect that your IRA Excess Contribution was refunded or applied to next year's contribution. back to top My Brokerage IRA information was not listed on Form 5498. When will I receive this information?By May 31st you will receive a separate Form 5498 from Pershing LLC (the custodian for TIAA-CREF Brokerage IRAs). For more information please call TIAA-CREF Brokerage Services at 1 800 927-3059.back to top Do I have to attach Form 5498 to my income tax return? No. You are not required to do anything with Form 5498 because it is for informational purposes only.back to top How do I determine the basis of my IRA? If this is your first year to contribute into an IRA, your basis begins with zero. Otherwise, enter the results from line 14 for Traditional IRA and the results from line 22 for Roth IRA from Form 8606 and adjust for:IRA Contributions
This row reports contributions (deductible and nondeductible) to a Traditional IRA for the 2007 tax reporting year. If you contributed to your Traditional IRA between January 1 and December 31, 2007, you will receive Form 5498 by January 31, 2008. If you contribute to your Traditional IRA between January 1 and April 15, 2008, and you designate these contributions for the 2007 tax reporting year, you will receive a new or reissued Form 5498 by May 31, 2008. The Internal Revenue Service requires you to report nondeductible contributions on IRS Form 8606, Nondeductible IRAs.
Recharacterization Contributions
This row reports the aggregated amount of recharacterized contributions transferred to your IRA. Please review your transaction confirmation statement(s) and quarterly statement(s) for detailed breakdowns of all transactions applicable to your IRA contract(s).
Fair Market Value
This row reports the fair market value (FMV), which is the total accumulation of an IRA contract as of December 31, 2007. If a decedent is shown as a participant, the executor or administrator of the decedent's estate may request the FMV as of the date of death.
SEP Contributions
This row reports SEP contributions made in 2007, including contributions made in 2007 for 2006, but not including contributions made in 2008 for 2007.
Roth IRA Contributions
This row reports contributions to a Roth IRA for the 2006 tax reporting year. If you contributed to your Roth IRA between January 1 and December 31, 2007, you will receive Form 5498 by January 31, 2008. If you contribute to your Roth IRA between January 1 and April 15, 2008, and you designate these contributions for the 2007 tax reporting year, you will receive a new or reissued Form 5498 by May 31, 2008.
IRA Type
The Traditional, Roth or SEP IRA row will be checked to identify the type of IRA reported.
Required Minimum Distribution
This row will be checked if you attained age 70½ in 2007 and you are required to take a minimum distribution in 2008 from your Traditional, Rollover or SEP IRA.
If you have additional questions, call us at 1 800 842-2776 weekdays from 8 a.m. to 10 p.m. and Saturdays from 9 a.m. to 6 p.m. (ET).
back to top Can I view Form 5498 online? Yes. You can log into your account to view your tax forms. In order to view, click Log In and then select electronic delivery of your tax reporting form under My Profile. Then go to the Manage My Portfolio tab and click Statements & Records to see your tax reporting form. Tax forms become available by January 31.If you don't have a user ID and password, click Sign up for Access on the homepage.
back to top© 2008 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017
