pgerard
New Member

If I make an IRA contribution between January and April but for the previous tax year, which year's 5498 does this show up on?

 
dmertz
Level 15

Retirement tax questions

The instructions for Form 5498 are a bit ambiguous, but payers interpret the instructions to mean that contributions are reportable on Form 5498 of the year for which the contribution is made, box 1 for regular traditional IRA contributions and box 10 for Roth IRA contributions.

If you made a contribution for 2015 and it does not appear on your 2015 Form 5498, it suggests that the custodian has recorded it as a current-year contribution rather than as the previous-year contribution.  Some custodians issue Forms 5498 early in the year and issue a corrected Form 5498 to add a contribution made for the previous year if one is made.

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Retirement tax questions

My 5498 just arrived; I'm inferring that the custodian had waited until after April 18th because of this possibility.

Retirement tax questions

My other 5498 may never arrive; it seems the broker treats 5498 for contributions, but if there is no activity no 5498 is mailed to me showing FMV.