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 institution that manages your IRA must report all contributions you make to the account during the tax year on the form. Depending on the type of IRA you have, you may need Form 5498 to report IRA contribution deductions on your tax return. Form 5498: IRA Contributions Information reports your IRA contributions to the IRS.
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.
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.
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.
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.
You don't need to enter information from your Form 5498 (IRA Contribution Information) into TurboTax like you do with a W-2 or 1099s. In most cases, you'll find the information needed for your return on other paperwork, such as a year-end summary statement or a Form 1099-R.
Purpose of Form 5498. Form 5498 reports your total annual contributions to an IRA account and identifies the type of retirement account you have, such as a traditional IRA, Roth IRA, SEP IRA or SIMPLE IRA. Form 5498 will also report amounts that you roll over or transfer from other types of retirement accounts into this IRA.
The form, called IRS Form 5498, IRA Contribution Information, resembles Form W-2 for reporting wages. It contains information about IRA contributions, rollovers , Roth IRA conversions and required ...
If you contribute to an Individual Retirement Account, or IRA, you should receive Tax Form 5498, IRA Contribution Information each year you contribute. The bank or custodian who manages your IRA will issue this form to you and the IRS to report your IRA contributions.