IRA Form 5498

[Leticia22]

I filed my 2022 taxes and included all the forms sent to me for the 401K that I rolled over to an IRA and took a distribution. I just received an additional Form 5498 from the investment firm. Do I need to file an amendment to my 2022 tax return? Not sure what to do with the form since I thought I had everything when filing my 2022 tax return.

[dmertz]

You should have already reported the rollover on your 2022 tax return and therefore should have nothing to amend.

[LoriC17 · Accepted solution]

Hello,

The form 5498 is an informational form for your purpose only.  Please be sure to keep this form for your records as you'll need this information to calculate your taxable income when you decide to take distributions from your IRA.

The form 5498 reports to the IRS the contributions you made. On your original return did you include all contributions you made for the year?  You would not need to amend your return just because of receiving the 5498 but you might want to take a look at it if you did not originally include all contributions to a traditional IRA>

[evelynm]

You won't find this form in TurboTax, nor do you file it with your tax return. The copy you receive in the mail is for your records. 

Here is the link if you need further details:  https://turbotax.intuit.com/tax-tips/investments-and-taxes/what-is-irs-form-5498-ira-contributions-i...

[kholsclaw]

How do I report an indirect rollover in Turbotax, if not by reference to Form 5498? The IRA custodian issued a 5498 to identify an indirect rollover that my 1099-R included as an early distribution. Turbo Tax Help notes imply that the IRA custodian should issue a corrected 1099-R, but this would seem to defeat the purpose of the 5498 they issued. Should I just subtract the amount of the indirect rollover from the total early distributions identified in my 1099_R? Seems like I should still somehow flag the transaction as indirect rollover somewhere in Turbotax.

[dmertz]

You must enter the Form 1099-R exactly as received.  When TurboTax asks what you did with the money, indicate that you moved the money to another retirement account or back to the same account, indicate that it was rolled over, then indicate the amount that was rolled over.  TurboTax will include the word ROLLOVER next to line 4b of Form 1040.  Because the deadline for the IRA custodian to issue Form 5498 is after the regular deadline for filing your tax return, you need to know from your own records the amount that was rolled over, so TurboTax does not ask for the entry of the Form 5498, just the relevant information that will eventually be reported on the Form 5498.

[KREC]

Trying to fix some 8606s from many years ago. I have a 2009 5498 for a traditional ira which shows traditional ira contribution in box 1 and the recharacterized Roth amount in box 4.  Is the year of the form (2009 form) the year it should be reported on the 2009 8606? My understanding is that even if it was recharacterized in 2010 (before tax deadline) that since contribution was for 2009 it should be included on line 1 of 8606 along with the traditional ira contribution for that year?   i have a corresponding 2009 5498 for the ROTH showing the original contribution.  

[AmyC]

Put the end result for the tax year on each 8606. You can get prior year forms here. 

[KREC]

So for clarification a 5498 form from 2009 would serve as the source document for the 2009 8606,  even if recharecterization took place in 2010 (before tax deadline)?

if I understand the 5498 process, a 2009, 5498 would reflect any contributions that took place between 1 January 2009 and 15 April 2010? 

[RobertB4444]

That is correct as long as the contributions were classified as 2009 contributions.  

@KREC