If you make a contribution to your IRA, IRS Form 5498 is a tax form that you will receive. This form details all of the contributions you made throughout the tax year to your account. The 5498 tax form reports Roth and traditional IRA contributions.
To ensure that you properly handle matters on your federal income tax return, please consult a tax advisor and learn more about Form 5498 from the IRS directly.
When do you get IRS Form 5498?
The plan administrator must file Form 5498 to the IRS by May 31 each year — and you will receive a copy of the form. The deadline to file the form is later than other tax forms. This is because your retirement contributions are due for the previous tax year on the tax return due date, tax deadline( opens in a new window ), which typically falls on April 15 — so the IRS gives the issuers extra time until May 31 to file the form.
What to do with IRS Form 5498?
This document does not need to be filed with your taxes. Once you obtain Tax Form 5498, keep it for your records.