what is form 5498 used for

what is form 5498 used for

OVERVIEW

Kind 5498: IRA Contributions Info experiences your IRA contributions to the IRS. Your IRA trustee or issuer – not you – is required to file this type with the IRS by Might 31.

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Whenever you save for retirement with a person retirement association, you most likely obtain a Kind 5498 every year. The establishment that manages your IRA should report all contributions you make to the account in the course of the tax yr on the shape. Relying on the kind of IRA you’ve gotten, chances are you’ll want Kind 5498 to report IRA contribution deductions in your tax return.

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  • Kind 5498: IRA Contributions Info experiences your IRA contributions to the IRS.
  • Your IRA trustee or issuer—not you—is required to file this type with the IRS, often by Might 31.
  • You will not discover this type in TurboTax, nor do you file it together with your tax return. The copy you obtain within the mail is a replica on your information.