Information about Form 5498, IRA Contribution Information (Info Copy Only), including recent updates, related forms and instructions on how to file. File this form for each person for whom you maintained any individual retirement arrangement (IRA), including a deemed IRA under section 408(q).
The information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, including any catch-up contributions, required minimum distributions (RMDs), and the fair market value (FMV) of the account. For information about IRAs, see Pubs. 590-A, 590-B, and 560.
Understanding Form 5498. Form 5498 reports various types of IRA contributions you make in a number of reporting boxes. Box 1 shows the amount you contributed to a traditional IRA; box 9 reports the amounts contributed to a Savings Incentive Match Plan for Employees (SIMPLE) IRA and box 10 covers the amounts you put into a Roth IRA.
Form 5498 IRA Contribution Information is information for your personal records and is not required to prepare your tax return. Taxpayers should retain this information for their personal records, but there are no tax consequences to the taxpayer until the funds are distributed from the account.
2019 Form 5498 IRA Contribution Information (Info Copy Only) 2019 Instructions for Forms 1099-R and 5498, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. and IRA Contribution Information
The IRA Contribution Tax Form, or Tax Form 5498, is an official document containing information about your IRA contributions. The trustee or custodian of your IRA reports any catch-up contributions, required minimum distributions, and the fair market value of your account.
You can expect to receive IRS Form 5498 if you made contributions to an IRA (Individual Retirement Arrangement) in the preceding tax year. The "custodian" of your IRA, typically the bank or other institution that manages your account, will mail a copy of this form to both you and the Internal Revenue Service.
Selected Form 5498 Information: Participant ID#: For your protection, this form may show only the last four digits of your SSN, ITIN, ATIN, or EIN.However, your complete identification number has been reported to the IRS. Box 1: Shows traditional IRA contributions made in the reporting tax year and, if designated, through the due date of the tax return not including extensions.
Form 5498 must also be filed with the IRS by May 31. Contributions for the previous tax year made up until April 15 are included on Form 5498 for traditional and Roth IRA accounts, so many IRA account holders receive won't receive this information until May, but you should certainly have it in your own records.
Unlike traditional defined-benefit pensions, which are tied to one company, the money accumulated in an IRA or 401k can be rolled over when employees change jobs. But for that rollover to be a non-taxable event, it must be reported correctly. Form 5498 is used to report such rollovers.