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bongobear3882
New Member

Hey there! I don't have Form 5498 for my Simplified Employee Plan. Can you advise what to put on the tax form?

Also, the money in my SEP isn't invested--it's still cash. I assume I would still enter the cash value as of Dec. 31, 2016?
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Hal_Al
Level 15

Hey there! I don't have Form 5498 for my Simplified Employee Plan. Can you advise what to put on the tax form?

Put nothing. You only enter info about your IRA or SEP if you put money in or take it out.

Form 5498 is an informational form for reporting activity in a qualified retirement plan to the IRS, by the plan administrator. It is not used to input any information into your tax return. Keep your copy for your records.

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2 Replies
Hal_Al
Level 15

Hey there! I don't have Form 5498 for my Simplified Employee Plan. Can you advise what to put on the tax form?

Put nothing. You only enter info about your IRA or SEP if you put money in or take it out.

Form 5498 is an informational form for reporting activity in a qualified retirement plan to the IRS, by the plan administrator. It is not used to input any information into your tax return. Keep your copy for your records.

bongobear3882
New Member

Hey there! I don't have Form 5498 for my Simplified Employee Plan. Can you advise what to put on the tax form?

Terrific, thank you for your help--much appreciated!
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