If you contribute to an IRA, you may receive a copy of IRS Form 5498 from your financial institution after filing your income tax return for the year.

Watch this instructive video to learn more about Form 5498, specifically:
-What information is being reported to the IRS, and
-What important information you can use for your tax planning…(read more)

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IRS Form 5498 is a tax form that is used to report information related to contributions made to an Individual retirement account (IRA). If you are a taxpayer who has made contributions to an IRA account, you are required to receive Form 5498 from your IRA custodian or trustee. This form is used to report the total amount of contributions made to your IRA account during the year, as well as other important information.

In this article, we will provide a walkthrough of Form 5498 and explain what you should know about IRA contribution information.

Part I: Identifying Information
The first part of Form 5498 requires you to provide basic identifying information, including your name, address, and social security number. If your IRA account is held jointly with another individual, their information will also need to be provided.

Part II: IRA Contribution Information
This section of the form reports the total amount of contributions made to your IRA account during the year. This includes any contributions made by you or your spouse, as well as any contributions made by your employer. If you made contributions to your IRA account between January 1 and April 15 of the following year, these contributions will be reported separately in Box 1.

Part III: Rollover Contributions
If you rolled over any funds from another retirement plan into your IRA account during the year, this information will be reported in Part III of the form. This includes any rollovers from traditional IRAs, SEP plans, SIMPLE plans, and other qualified plans.

Part IV: IRA Conversion Information
If you converted any funds from a traditional IRA to a Roth IRA during the year, this information will be reported in Part IV of Form 5498. This includes the total amount of the conversion, as well as any taxes withheld.

Part V: Fair Market Value (FMV) Information
This section of the form reports the fair market value of your IRA account as of December 31 of the previous year. The FMV of your account is important for calculating required minimum distributions (RMDs) in the future.

Part VI: SEP and SIMPLE IRA Information
If you have a SEP or SIMPLE IRA, this section of the form will report any additional contributions made by your employer.

Part VII: IRA Distribution Information
If you received any distributions from your IRA account during the year, this information will be reported in Part VII of the form. This includes any withdrawals you made, as well as any required minimum distributions you received if you are over the age of 72.

Conclusion
IRS Form 5498 is an important document that reports IRA contribution information. It is important to review this form carefully to ensure that all of the information is accurate. If you have any questions or concerns about the information reported on Form 5498, you should consult with a qualified tax professional for assistance.