Question & Answers

I have received Form 5498. Do I have to include it in my tax return?

Trajce Panov
0 Votes
Feb 8, 2011 by Trajce Panov
Category: Tax Planning

Tax Advisors
0 Votes
Advisor: Tax Advisors, Tax Planning
Feb 10, 2011  
Form 5498 is for informational purposes only and it should not to be filed with your tax return. It reports regular and rollover contributions on Individual Retirement Accounts (Traditional IRA or Roth IRA), as well as Simplified Employee Pension (SEP) and Savings Incentive Match Plan for Employees (SIMPLE) plans.
Telesky Financial Services
0 Votes
Form 5498 is just for your information about what went into your retirement plan. You certainly don't have to put it on your tax return but I would think you would want a deduction if it were a deductible IRA.
Kerry Freeman EA
0 Votes
Advisor: Kerry Freeman EA, IRS Tax Relief
Feb 9, 2011  
This is the year report on your IRA contributions and value. No reporting required on the tax return.
KR Hoffman & Co
0 Votes
KR Hoffman & Co
Feb 9, 2011  
Hello Trajce,

Form 5498 is an information return that your IRA provider sent the IRS regarding your IRA account.

It's an information return and you do not need to submit it with your tax return.

Look it over carefully and make sure the amounts are correct.