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Why Did I Receive Form 5498?

We get this question a lot from our tax clients. Anytime you receive a tax-related form in the mail in May or June, it’s bound to generate questions. 

The first thought is that something is wrong and we may have to amend your tax returns. But that’s not usually what Form 5498 means.

IRS requires trustees of IRAs to submit Form 5498 by May 31 each year. 

Now, since the form is received so long after you file your taxes, you don’t have to do anything with the form except keep it for your records. T

he form simply reports the fair market value of your IRA, along with any contributions or rollovers in the prior year. It also covers your traditional IRA, Roth IRA, SEP-IRA, or Simple IRA. If you made a tax deductible contribution to your traditional IRA or Simple IRA, hopefully you let us know that and we included it on your tax returns. Form 5498 is purely informational.

If you have an IRA, and you didn’t receive a Form 5498, then that means you didn’t make any contributions in the prior year to the IRA. Don’t worry.

So, for those of you who received Form 5498 in the past couple of weeks or will receive one in the coming days, we advise you to keep a copy for your records. No action is required on our part or yours.

It’s kind of nice when a form comes in the mail, and you don’t have any obligation to do anything with it! 

-Jonathan Godwin

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