Form 5498

Form 5498 is an IRS tax form used by issuers and custodians to report contributions, rollovers, conversions, recharacterizations, and year-end fair market value for traditional IRA, SEP-IRA, SIMPLE IRA, Roth IRA, and Inherited IRA contracts. vThe custodian must send this form to each participating participant who made a contribution, rollover, conversion, or recharacterization during the previous tax year. The form must also be mailed to the Internal Revenue Service (IRS). The information you report on Form 5498 can help you deduct IRA contributions on your tax return and can also help you determine the fair market value of your IRA account at year-end.

How to file Form 5498?

The trustee for an individual retirement account is responsible for sending this form to the IRS on your behalf. The information on this form will tell the IRS how much money you contributed to your IRA, any rollovers or conversions, and the fair market value of your IRA at the end of the year.

You should receive this form from the IRA custodian before the deadline to file your tax return in April of the following year. However, make a last-minute contribution to your IRA. You may not receive the form until May 31, so keeping track of your IRA’s activity throughout the year is important.

How to fill out Form 5498?

Form 5498 includes boxes that document various types of IRA contributions and other account information, such as the amount you contributed to a Roth IRA, SEP IRA, SIMPLE IRA, or an inherited IRA. It also lists any rollovers, recharacterizations, and conversions that you made during the year. The form also shows the fair market value of your IRA at year end. There are several ways to fill out Form 5498. One way is to manually enter the information onto the form and mail it in. Another method is to e-file the form. A third option is to hire a professional to fill out the form on your behalf. Using this method will reduce the chances of mistakes. It will also save time and money.

A mistake can lead to a large penalty, so it’s important to take the time to carefully check the numbers on your Form 5498 and ensure that they accurately represent your IRA activity. In addition, some IRA transactions aren’t reportable on Form 5498, including direct trustee-to-trustee transfers of money between SEP-IRA and SIMPLE IRAs, and Traditional IRAs. If you believe that the information on Form 5498 is incorrect, you can reach out to your IRA’s plan administrator or consult with an experienced tax professional to find a solution. There are many ways to fill out Form 5498, but the most effective way is to follow the instructions given by the IRS. These instructions will help you avoid common errors and ensure that you receive a correct deduction on your tax return.

Form 5498 Instructions

General Info

• TRUSTEE’S or ISSUER’S TIN
• PARTICIPANT’S TIN
• PARTICIPANT’S name 
• Street address 
• City or town, state or province, country, and ZIP or foreign postal code
• Account number

IRA Contribution Info

Box 1: IRA contributions ($) (other than amounts in boxes 2–4, 8–10, 13a, and 14a)

Box 2: Rollover contributions ($)

Box 3: Roth IRA conversion amount ($)

Box 4: Recharacterized contributions ($)

Box 5: FMV of account ($)

Box 6: Life insurance cost included in box 1 ($)

Check Box 7: Check IRA – SEP – SIMPLE – Roth IRA

Box 8: SEP contributions ($)

Box 9: SIMPLE contributions ($)

Box 10: Roth IRA contributions ($)

Check Box 11: Check if RMD for 2024

Box 12a: RMD date

Box 12b: RMD amount ($)

Box 13a: Postponed/late contributions. ($)

Box 13b: Year

Box 13c: Code

Box 14a: Repayments ($)

Box 14b: Code

Box 15a: FMV of certain specified assets ($)

Box 15b: Code(s):