What is IRS Form 5498 You Might Have Received Recently?
If you made contributions to an IRA in the preceding tax year, you can expect to receive IRS Form 5498. A copy of this form will be mailed to both you and the IRS by the trustee or issuer of your IRA to report contributions including any catch-up contributions, required minimum distributions (RMDs), and the fair market value of the account.
Form 5498 should be mailed to you by May 31st to show traditional IRA contributions made for the prior year between January 31st of the prior year and April 15th of the current year. For example, if you made contributions to a traditional IRA for the 2021 tax year between January 31, 2021 and April 15, 2022, you should receive a Form 5498 in May of 2022. (If FMV/RMD is involved the deadline is January 31.) Form 5498 is for information purposes only. You are not required to file it with your tax return but you may provide a copy to your tax preparer.
Occasionally your tax preparer will need these numbers in the following cases. To determine the taxable amount of a Traditional or Roth IRA when distributions are made, you are required to complete IRS Form 8608 if you:
Form 5498 should be mailed to you by May 31st to show traditional IRA contributions made for the prior year between January 31st of the prior year and April 15th of the current year. For example, if you made contributions to a traditional IRA for the 2021 tax year between January 31, 2021 and April 15, 2022, you should receive a Form 5498 in May of 2022. (If FMV/RMD is involved the deadline is January 31.) Form 5498 is for information purposes only. You are not required to file it with your tax return but you may provide a copy to your tax preparer.
Occasionally your tax preparer will need these numbers in the following cases. To determine the taxable amount of a Traditional or Roth IRA when distributions are made, you are required to complete IRS Form 8608 if you:
- Remitted nondeductible IRA contributions
- Converted IRA funds
- Recharacterized IRA funds
- Received distributions of nondeductible IRA fund
- Received Roth IRA distributions (qualified and nonqualified)
- Received first-time homebuyer distributions of up to $10,000 of the expenses from the Roth IRA contract