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...