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Level 1
posted May 13, 2025 6:00:38 PM

Is it useful to be able to enter IRS Form 5498 IRA Contribution Information into TurboTax each year so that the program can keep track of it?

It would be convenient to have this information digitized in the data files for the relevant years instead of trying to preserve crumbling paper over a 50+ year period. I suppose the alternative is to scan it and include a pdf in the folder with the return.

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1 Replies
Level 15
May 13, 2025 6:21:01 PM

TurboTax is not going to store your information or keep track of it for 50+ years.


Here are some options.


1. If you have online access to your IRA account you might be able to download a PDF of the Form 5498. The web site might even have a history of contributions.


2. Scan the form and save the PDF.


3. Keep your own record of contributions in a spreadsheet. This would probably be the most useful format if you need the information decades from now.