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

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.

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