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Interest 5498 OMB Where do I report IRA

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Interest 5498 OMB Where do I report IRA

Form 5498 is for informational purposes only and is not reported on your income tax return.  The form reports your annual IRA contributions, defines the type of retirement account you have, it also reports any rolled over or transferred amounts from different types of retirement accounts. 

If you made any IRA contributions, they are reported as follows:

  1. Federal Taxes   
  2. Deductions & Credits,
  3. Scroll down to Retirements and Investments
  4. Select Traditional and Roth IRA Contributions

If you have made a rollover, you would report it when you receive form 1099-R:

  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R)

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