Do you have a 401k, 403b, TSA, TSP, 457 or an IRA?
These are all Government sponsored retirement plans. There is no privacy in these accounts.
The Government knows exactly how much money you have in these.
How do they know?
It is called Form 5498.
It’s the form the IRS requires custodians to file on your behalf which tells the Government how much you have.
Think about this for a moment…
1. There is no Government reporting on the value of your home each year
2. There is no Government form required to be filed on the value of any other assets you own
So why does the Government want this form?
There are many possibilities.
The CPA will tell you it’s because the Government needs it to make sure you take out the required minimum distribution when you are 70 ½.
But mostly, those numbers could only be necessary if an audit was done.
Think about all the other transaction that take place without telling the Government the value of an account on an annual basis.
There is no annual filing required on the value of your home. If you own investment real estate there is no annual filing. Art collection, gold, oil wells, and others do not require an annual Government filing on the value.
We think the Government is laser focused on the retirement savings of Americans, because that is where a huge portion of taxes will come from.
NO 5498 Form For Financial Bunkers
There is no ongoing reporting, The Government does not know how much you have in these accounts. Only at death is there a requirement that gets filed. But there is no income taxes.
The Financial Bunker is the most private, legal institutional place for money.