INSTRUCTIONS : INDIVIDUAL RETIREMENT ACCOUNT INFORMATION by Financial Institutions (Form 5498)
Form 5498 is a United States Internal Revenue Service tax form filed by financial institutions to report Individual Retirement Account information. The form is reported yearly and indicates that the taxpayer is in a qualified IRA and the amounts reported are confirmed.
A Form 5498 can be obtained through the I.R.S’ website or by obtaining the documents through a local tax office.
The form has three copies. The red copy is to be sent to the IRS for electronic filing. The remaining copies are to be retained by the financial institution and to be sent to the IRA account holder for their records.
1. First, the financial institution that manages the IRA must provide their name and address in the upper left box.
2. The institution must also provide their taxpayer identification number.
3. Indicate the taxpayer’s name and social security number in the left boxes, also providing their current address.
4. In box 1, indicate the total amount contributed to the taxpayer’s IRA during the tax year.
5. If there are any rollover contributions, indicate so in box 2.
6. Enter any Roth IRA conversion amounts or re-characterized contributions in boxes 3 and 4.
7. In box 5, indicate the current fair market value of the IRA. If any life insurance amounts are included in the total contributions, indicate this amount in box 6.
8. If the taxpayer has any SEP contributions, SIMPLE contributions, or Roth IRA contributions, enter the amounts in the corresponding boxes.
9. Enter the RMD date and amount in box 12.
10. If any postponed contributions have been made, enter the total amount in box 13.
11. Enter any repayments in box 14.
12. Once completed, the Form 5498 must be filed with the IRS. A copy must be retained by the financial institution and a copy sent to the taxpayer.
