Form 5498

Form 5498

Saving for retirement with an IRA or other tax-advantaged account will generate a Form 5498 from your financial institution at the beginning of tax time. Your financial institution also sends the a copy of the form, which documents how much you contributed to your IRA during the year.

Information Reported

The Form 5498 reports:

  • Contributions made to your IRA, , and ESA plans
  • The fair market value of the account as of December 31st of the tax year.
  • If the account holder is required to take minimum distributions

You will receive a Form 5498 for every retirement account type you own: , , SEP IRA, and more, from each institution where they are held.

There are three different types of Form 5498, depending on the information being reported:

  1. Form 5498, IRA Contribution Information, documents individual retirement accounts like IRAS, Roth IRAs, SEP IRAs, and SIMPLE IRA plans.
  2. Form 5498-SA, documents health savings accounts (HSAs) information
  3. Form 5498-ESA reports Coverdell Savings Accounts

Including on Your Tax Return

Contributions to a traditional IRA are reported in Box 1 of Form 5498. Line 32 of your Form will report deductible IRA contributions. Nondeductible IRA contributions go on for 8606, line 1. The amount in Box 1 of Form 5498 include contributions designated for the previous tax year and made to traditional IRA plan.

You won't find Roth IRA contributions reported on your tax return, but box 10 of the Form 5498 does show the Roth IRA contributions you made designated for the previous tax year.

Self-employed individuals will notice SEP and SIMPLE IRA contributions reported on line 28 of the 1040. If these types of contributions are made by an employer, they won't be reported on the tax return, but will be shown on the employee's W-2 in box 12. Code F indicates a SEP IRA, while Code S is a SIMPLE IRA. These amounts are representative of contributions made during the calendar year instead of the designated tax year, like a traditional or Roth IRA.

Rollover contributions are reported in Form 5498 in Box 2. If you made any direct rollovers, it should match with what was reported on your -R plus indirect rollover amounts.

Box 4 reports Roth IRA conversions. This box should match with what is reported on the Form for Roth IRA contributions, along with lines 8,16, or 21 on the Form 8606.

Health contributions are listed in box 2 of Form 5498-SA. These contributions are inclusive of the entire tax year, including those you made and those your employer made. Employer contributions are also found on your W-2 in box 12 under code W. Contributions you made are reported on line 25 of your 1040.