What information is on the 5498 form that is needed for tax purposes?

What information is on the 5498 form that is needed for tax purposes?

by Joseph P. Cunningham, CPA | Feb 15, 2019

In the past, I didn't seem to need to submit my 5498 form to my accountant, though I’m not 100 percent sure on that point. However, I was told that while there is no tax, there is information on the forms that my accountant now needs. What information exactly is needed from the 5498 form for tax purposes?

Form 5498, IRA Contributions Information, reports your IRA contributions to the IRS. Your IRA trustee or issuer—not the taxpayer—is required to file this form with the IRS by June 1 for the prior tax year. This form is generally not available with tax preparation software, nor do you file it with Form 1040. You should receive a copy from the trustee in the mail for your records.

The information on Form 5498 includes contributions (including any catch-up contributions), required minimum distributions (RMDs), and the fair market value (FMV) of the account.

For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: Joseph P. Cunningham, CPA, is an associate professor at Wilson College in Chambersburg, Pa.

The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
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