topic Re: From 5498 in Get your taxes done using TurboTax

From 5498

jjin09061999 — Tue, 24 Feb 2026 06:40:56 GMT

Good Afternoon.

Question, I received Form 5498. What should I do with the Form?

Re: From 5498

Aimee-O — Wed, 28 Jun 2023 16:23:51 GMT

Good Afternoon! Great Question! Form 5498 is for informational purposes only. You aren't required to do anything with Form 5498. But... Please be sure to keep this form for your records as you may need this information to calculate your taxable income when you decide to take distributions from your IRA.

Here's a GREAT Help article: What is IRS Form 5498

Re: From 5498

JanetB21 — Wed, 28 Jun 2023 16:30:22 GMT

@jjin090061999

Form 5498 provides the total annual contributions to your IRA account and the type of account (ie traditional, Roth, SEP, etc). It is recommended that you review your tax return and confirm that you reported any deductible contributions accurately. If so, you can keep the form for your records. If you forgot to take a deduction for a traditional IRA contribution, or a SEP, or reported an incorrect amount, you can amend your tax filing.

This form will also report the fair market value of your IRA account. This is a great reference for you on this form: https://turbotax.intuit.com/tax-tips/investments-and-taxes/what-is-irs-form-5498/L2P16IOdN

Re: From 5498

Jackstar221 — Wed, 28 Jun 2023 20:09:21 GMT

Here is an IRS article regarding the Form 5498:

https://www.irs.gov/forms-pubs/about-form-5498