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This form is submitted to the Internal Revenue Service by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions and the fair market value of the account.
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How to fill out 5498
How to fill out 5498
01
Obtain IRS Form 5498 from the IRS website or your financial institution.
02
Fill in the taxpayer's name and address at the top section of the form.
03
Enter the taxpayer's Social Security Number (SSN).
04
Provide the account number for the IRA or other retirement accounts.
05
Indicate the type of account (e.g., Traditional IRA, Roth IRA, SEP IRA) in the appropriate box.
06
Report contributions made during the tax year in the designated section.
07
Include any rollovers or conversions that occurred in the tax year.
08
Complete any additional sections that apply, such as fair market value at year-end.
09
Double-check all entries for accuracy.
10
Submit the completed form to the IRS by the deadline.
Who needs 5498?
01
Individuals who have contributed to an IRA or other retirement accounts.
02
Financial institutions that manage IRAs and need to report contributions.
03
Taxpayers who are required to report their IRA contributions for tax purposes.
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People Also Ask about
What is the difference between a 1099 and a 5498?
Form 1099 is used to report distributions and associated tax withholdings, while Form 5498 reports contributions, rollovers, FMVs, and RMDs. Both serve different purposes but are essential for accurate tax reporting. If you take a distribution and make contributions in the same year, you will likely receive both forms.
What's the difference between a 1099-SA and 5498-SA?
Form 1099-SA tells you the total distributions or payments that were made from your HSA. Form 5498-SA summarizes the contributions or deposits you made to your HSA in a particular tax year. You can also find your contribution information on your December HSA statement.
Do I have to report 5498 SA on my tax return?
The trustee of your HSA, Archer MSA, or MA MSA may provide other information about your account on this form. Note: Don't attach Form 5498-SA to your income tax return. Instead, keep it for your records.
What is a 5498 tax form used for?
The information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, including any catch-up contributions, rollovers, repayments, required minimum distributions (RMDs), and the fair market value (FMV) of the account.
Why did I get a form 5498 in the mail?
Form 5498 is for your personal records and isn't required when filing taxes. Fidelity sends this form to the IRS to report your contributions for the year. You'll get a copy for your records, but remember that it doesn't need to be submitted with your tax return.
Do I need a 5498-SA to file my taxes?
You won't get a 5498-SA form if you didn't have contributions and your balance was zero dollars at the end of the year. Please note this form is informational only and doesn't need to be filed with your income tax return. If I don't have a 5498-SA, how can I get my contributions by tax year?
Do I need to enter information from form 5498 on my tax return?
No. You aren't required to do anything with Form 5498 because it's for informational purposes only.
Do I need to enter 5498-SA in TurboTax?
You don't need to enter information from your Form 5498 (IRA Contribution Information) into TurboTax like you do with a W-2 or 1099s. In most cases, you'll find the info needed for your return on other paperwork, such as a year-end summary statement or a Form 1099-R.
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What is 5498?
Form 5498 is an information return used to report contributions and valuations of individual retirement accounts (IRAs) to the Internal Revenue Service (IRS).
Who is required to file 5498?
Trustees or custodians of IRAs are required to file Form 5498 for each account holder who contributed to an IRA during the tax year.
How to fill out 5498?
To fill out Form 5498, provide the account owner's name, address, Social Security number, contributions made during the year, and the fair market value of the account as of December 31.
What is the purpose of 5498?
The purpose of Form 5498 is to report IRA contributions, rollovers, conversions, and the fair market value of accounts to the IRS and to account owners.
What information must be reported on 5498?
Information reported on Form 5498 includes the account holder's name, address, Social Security number, contributions made, rollover amounts, conversion amounts, and the account's fair market value.
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