The 5498 is a form that shows what you contributed to an IRA. There may be a number of reasons why you are not allowed to make this contribution:
1. You contributed to another IRA and have already passed the limit. The limit is $6,000 ($7,000 if you're 50 or older)
2. You had no taxable compensation. The limit is your taxable compensation for the year if it is less than $6,000 ($7,000 if you're 50 or older)
3. You're covered by a plan at work (check your W2 for that) and your income exceeds a certain level
The IRS has a chart that shows the limits if you're covered at work IRS - Contribution Limits if covered by a retirement plan at work
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
