What is Form 5498?
Form 5498 is usually received by individuals who have made contributions to an IRA (Individual Retirement Account) in the preceding tax year. The “custodian” of your IRA, usually a bank or other institution that manages your account, mails a copy of this form to you and the Internal Revenue Service.
This form reports the total annual contributions you made to an IRA account, identifying the type of retirement account you have such as traditional IRA, Roth IRA, SEP IRA, or SIMPLE IRA. Form 5498 also reports amounts that you roll over or transfer from other types of retirement accounts into the IRA. As you claim a deduction for your IRA contributions, the amounts on your Form 5498 should be referenced.
Who Files Form 5498
Form 5498 is filed the bank or financial institution who acts as “custodian” to your IRA contribution. This entity files your Form with the IRS to report information about your individual retirement account and other tax-preferred savings account. As a copy is sent to you as well, this form provides an independent confirmation to the IRS of the amounts your contributed.
When to File Form 5498:
File Form 5498 by May 31, 2016