5498 Tax Statement

Form 5498, IRA Contribution Information is a useful tax form that’s issued by plan providers. The 5498 provides plenty of information about one’s IRA but it isn’t really used for tax purposes mainlyForm 5498 is basically an information return, but you aren’t required to attach it to your federal income tax return. 

Because IRA contributions are allowed from the previous year through mid-May, you get this tax form furnished to you sometime in June. Because when Form 5498 is furnished to the recipient, you can’t really attach it to your federal income tax return. Besides, you aren’t required to file it with your federal income tax return. Form 5498 becomes irrelevant with taxes, but it’s always good to have a copy in your records than neglecting it completely.

Do I get Form 5498 for Roth IRA?

Regardless of the account type, you’ll get Form 5498 furnished to you, detailing everything that went in and out of your Individual Retirement Account. Your contributions to a non-deductible Roth IRA are reported with Form 5498. You’ll get the following information on your 5498 whether it’s relevant or not.

  • IRA contributions on Box 1
  • Rollover contributions on Box 2
  • Roth IRA conversion amount on Box 3
  • Recharacterized contributions on Box 4
  • FMV of the account on Box 5
  • Life insurance cost being included in Box 1 or not on Box 6
  • Type of the accounts on Box 7
  • SEP contributions on Box 8
  • SIMPLE contributions on Box 9
  • Roth IRA contributions on Box 10
  • Information for RMD’s year on Box 11
  • RMD date on Box 12a
  • RMD amount on Box 12b
  • Postponed or late contributions on Box 13a
  • Year on Box 13b
  • Applicable code on Box 13c
  • Repayments on Box 14a
  • Applicable code on Box 14b
  • FMV of certain specified assets on Box 15a
  • Applicable code on Box 15b

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