SEP IRA contributions

[hesformes]

In March of 2022, I made my SEP IRA contribution for 2021. I put that contribution in my 2021 tax return. I just received 2022 form 5498 from my brokerage for the 2021 contribution. Is it a problem that I have a 2022 form for my 2021 contribution if I actually made the contribution for 2021 prior to the April 15, 2022 deadline? Thanks

[MinhT1]

This is correct.

Form 5498 reports contributions made to your IRA accounts in the preceding tax year. This form is for information purposes and is not reported in your tax return. You should keep this form in your tax records.

Please read this TurboTax article for more information.

[hesformes]

Sorry, I didn't understand your answer. I could not tell from your answer whether or not it is a problem that I have a 2022 5498 form for my SEP IRA for a 2021 contribution. At the same time, I received another 2022 5498 form for my traditional IRA which was for my actual 2022 contribution. It is confusing that I received two 2022 forms, one being for a 2022 contribution and the other for what I thought was a 2021 contribution, but I'm worried is being recorded as a 2022 contribution. My 2022 contribution was to a solo 401k and I know that you can't contribute to both a SEP and a solo 401k in the same year. Thank you for your help in this matter.

[JulieS · Accepted solution]

No, it is not a problem, unless one of the forms has the "Corrected" box checked. If neither has "Corrected" checked at the top and you actually made the contributions listed, there is nothing wrong. 

You received a second form because you also made a contribution for 2022. 

You do not need to enter your Form 5498 on your tax return. Just keep it for your records. It simply records contributions and year end value of your retirement account.