☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 3
posted Feb 20, 2025 4:13:17 AM

how and when to file with form 5498?

I always received my 5498 form after the tax filing season was over for my IRA. Even though I know how much I contributed every time and every year, how to ACCURATELY file it when I receive the form so late (let's say I may remember the number wrong!!!). Thanks

0 2 861
2 Replies
Expert Alumni
Feb 20, 2025 5:58:25 AM

Form 5498 reports various types of IRA contributions. You don't file it with your tax return it's for informational purposes only. Just keep it for your records.

 

However, you have to report your IRA contributions, because:

  • You might qualify for the Saver’s Credit.
  • This will record your Roth IRA basis.
  • Your traditional IRA contributions may be tax-deductible.
  • Excess contributions to a Roth or traditional IRA might result in a tax penalty.

Where do I enter my traditional or Roth IRA contributions?

Level 15
Feb 20, 2025 6:10:07 AM

Check your own records at filing time to help you recall the amount of your contributions.

Don't rely on the government.