May show the kind of IRA reported on this Form 5498. Boxes 8 and 9. Show SEP box 8 and SIMPLE box 9 contributions made in 2024 including contributions made in 2024 for 2023 but not including contributions made in 2025 for 2024. See Publications 1141 1167 and 1179 for more information about printing these forms. VOID CORRECTED TRUSTEE S or ISSUER S name street address city or town state or province country and ZIP or foreign postal code 1 IRA contributions other than amounts in boxes 2 4 8 10 13a...and 14a OMB No. 1545-0747 2 Rollover contributions Form 5498 3 Roth IRA conversion amount PARTICIPANT S TIN IRA Contribution Information 4 Recharacterized Copy A 5 FMV of account 6 Life insurance cost included in box 1 For Internal Revenue Service Center File with Form 1096. Attention Copy A of this form is provided for informational purposes only. Copy A appears in red similar to the official IRS form* The official printed version of Copy A of this IRS form is scannable but the online version...of it printed from this website is not. Do not print and file copy A downloaded from this website a penalty may be imposed for filing with the IRS information return forms that can t be scanned* See part O in the current General Instructions for Certain Information Returns available at IRS*gov/Form1099 for more information about penalties. Please note that Copy B and other copies of this form which appear in black may be downloaded and printed and used to satisfy the requirement to provide the...information to the recipient. If you have 10 or more information returns to file you may be required to file e-file. Go to IRS*gov/InfoReturn for e-file options. If you have fewer than 10 information returns to file we strongly encourage you to e-file. If you want to file them on paper you can place an order for the official IRS information returns which include a scannable Copy A for filing with the IRS and all other applicable copies of the form at IRS*gov/EmployerForms. We ll mail you the...forms you request and their instructions as well as any publications you may order. PARTICIPANT S name SEP 8 SEP contributions Street address including apt* no* 10 Roth IRA contributions 11 Check if RMD for 2025 SIMPLE Roth IRA 9 SIMPLE contributions 12a RMD date 12b RMD amount 13a Postponed/late contrib. 13b Year City or town state or province country and ZIP or foreign postal code 13c Code 14a Repayments 14b Code For Privacy Act and Paperwork Reduction Act Notice see the 2024 General Certain...Returns. 15a FMV of certain specified assets Account number see instructions 15b Code s Cat* No* 50010C www*irs*gov/Form5498 Department of the Treasury - Internal Revenue Service Do Not Cut or Separate Forms on This Page Do Not Cut or Separate Forms on This Page CORRECTED if checked Copy B Participant 11 If checked required minimum distribution for 2025 This information is being furnished to the IRS* keep for your records individual retirement arrangement IRA to report contributions including...any catch-up fair market value FMV of the account.
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How to fill out IRS 5498
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How to fill out IRS 5498
Filling out IRS 5498 involves several key steps. First, gather all necessary information related to your individual retirement arrangements, including account numbers and contributions. Follow these general steps:
01
Obtain the form from the IRS website or your financial institution.
02
Enter the taxpayer's information, including name, address, and Social Security number.
03
Document the account information and any contributions made during the tax year.
Always ensure the accuracy of the details to avoid any discrepancies that could lead to penalties.
Latest updates to IRS 5498
Latest updates to IRS 5498
Stay informed on any updates by regularly checking the IRS website or consulting tax professionals for the most current information about IRS 5498. Changes can affect filing requirements and reporting details essential for compliance.
About IRS 5 previous version
What is IRS 5498?
IRS 5498 is a tax form used by trustees or custodians of individual retirement accounts (IRAs). This form reports contributions to IRAs, including traditional, Roth, and SEP IRAs, along with other retirement-related information.
Who needs the form?
Individuals who established an IRA or made contributions to an existing IRA during the tax year require this form. Additionally, financial institutions must issue IRS 5498 forms for every IRA they manage.
Components of the form
IRS 5498 includes several essential components: the account holder's information, the type of IRA, the amount contributed, and the fair market value of the account at year-end. It also reports required minimum distributions (RMDs) and other relevant data.
What information do you need when you file the form?
When filing IRS 5498, you will need the following information:
01
Taxpayer's name, address, and Social Security number.
02
Type of IRA (traditional, Roth, SEP, etc.).
03
Total contributions made during the tax year.
Where do I send the form?
IRS 5498 does not require mailing to the IRS as individuals must keep it for their records. However, if you are a trustee or custodian, submit the form to the IRS using their specified channels.
What is the purpose of this form?
The purpose of IRS 5498 is to inform the IRS and the account holder about contributions made to retirement accounts. This information helps ensure compliance with federal tax regulations by verifying contribution limits and distributions.
When am I exempt from filling out this form?
You might be exempt from filling out IRS 5498 if you did not make any contributions to your IRA during the tax year. Additionally, if your IRA account is closed or if you are not the account owner, you do not need to fill out the form.
What are the penalties for not issuing the form?
If a trustee or custodian fails to issue IRS 5498, they may face penalties. The IRS imposes a fine for each unfiled form, which can accumulate quickly if multiple forms are missing.
Is the form accompanied by other forms?
IRS 5498 is typically not submitted with your tax return but must be retained for your records. Sometimes, it is accompanied by other forms such as IRS 1099-R if there were distributions from the IRA.
FAQ about IRS 5498
What steps should I take if I discover an error on my IRS 5498 after submission?
If you find an error on your filed IRS 5498, you can file a corrected version with the necessary amendments. It's important to ensure you mark the form as 'Corrected'. Keep copies of both the original and amended forms for your records, as IRS may require them for matching purposes.
How can I confirm that my IRS 5498 was received and processed by the IRS?
You can verify the processing status of your IRS 5498 by checking your IRS account online or by contacting the IRS directly. If you e-filed, watch for any confirmation emails or notifications regarding the acceptance of your submission.
What are some common mistakes to avoid when filing IRS 5498?
Common mistakes when completing the IRS 5498 include incorrect Social Security Numbers, missing contributions, and not indicating the correct type of account. Review the completed form against your records to minimize errors, as these can lead to complications later on.
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Use this catalog to find any type of IRS forms. We've gathered all of them under this section uncategorized to help you to find a proper form faster. Once you spot it on this list, have a look at the versions and schedules you might need as attachments. All returns are available for 2016 and for previous fiscal years.
