1. What is Form 5498?

Form 5498 is an information return that the issuer or trustee of Individual Retirement Accounts must file with the IRS on behalf of each participating individual. The form should include details such as contributions, rollovers, conversions, recharacterizations, Required Minimum Distributions (RMDs), and the account's Fair Market Value (FMV).

2. What information is required to fill out Form 5498?

In Form 5498, you must include basic details such as the Trustee's name and address, the Trustee's TIN, the participant's TIN, and the participant's name and address. You also need to include the IRA contribution, rollover, FMV, recharacterized contributions, and FMV, and select the type of IRA using the checkbox. Each of the details listed corresponds to a box on Form 5498. You simply need to fill out the information where it is required. Next, we will break down the instructions for Form 5498 line by line.

3. Line by Line Instructions to fill 5498 Tax Form

Once you understand what information needs to be entered in each box of Form 5498, you can fill out this form quickly and accurately. We have provided detailed instructions to assist you in successfully completing Form 5498.

Trustee or Issuer Information:Enter the trustee or issuer's name, street address, city or town, state or province, country, ZIP or foreign postal code, and 9-digit Tax Identification Number (TIN).

Participant Information: Enter the Participant’s name, Street address (including apt. no.), City or town, state or province, country, and ZIP or foreign postal code, and 9-digit Tax Identification Number (TIN).

• Box 1 - IRA contributions (other than amounts in boxes 2–4, 8–10, 13a, and 14a):

  Enter contributions to a traditional IRA made in 2023 and through April 15, 2024.

• Box 2 - Rollover Contributions:

  Enter any rollover contributions received for any IRA during 2024. These contributions may include:

  • A 60-day rollover between Roth IRAs or between other types of IRAs.
  • A direct or indirect (within 60 days) rollover from a qualified plan, section 403(b) plan, or governmental section 457(b) plan.
  • As defined in section 408A(e), any qualified rollover contribution from an eligible retirement plan (other than an IRA) to a Roth IRA.
  • A military death gratuity.
  • An SGLI payment.

  When conducting a property rollover, it is essential to input the property's fair market value (FMV) on the date of receipt. This value may differ from the property's valuation on the date it was initially distributed to the participant.

  Note: Do not use box 2 for late rollover contributions, including rollovers of qualified plan loan offset amounts after 60 days or any of the following repayments made after 60 days:

  • Qualified reservist distributions
  • Qualified disaster distributions
  • Qualified birth or adoption distributions

• Box 3 - Roth IRA Conversion Amount

  Enter the amount converted from a traditional IRA, SEP IRA, or SIMPLE IRA to a Roth IRA during the 2023 tax year. Do not include a rollover from one Roth IRA to another Roth IRA or a qualified rollover contribution under section 408A(e) from an eligible retirement plan (other than an IRA) to a Roth IRA. These rollovers are reported in box 2.

• Box 4 - Recharacterized Contributions

  Enter recharacterized amounts and earnings from one type of IRA to another, if any.

• Box 5 - Fair Market Value of Account:

  Enter the Fair Market Value (FMV) of the account on December 31, 2024.

• Box 6 - Life Insurance Cost Included in Box 1

  This box only applies to endowment contracts. Enter the amount included in box 1 allocable to the cost of life insurance.

• Box 7 - Checkboxes

  Check the appropriate box.

  IRA - Check the IRA box if you’re filing Form 5498 to report traditional IRA information

  SEP - Check the SEP box if you’re filing Form 5498 to report SEP IRA information. If you’re unsure whether the account is a SEP IRA, check the “IRA” box.

  SIMPLE - Check the SIMPLE box if you’re filing Form 5498 to report SIMPLE IRA information. You should not file Form 5498 for a SIMPLE 401(k) plan.

  Roth IRA - Check the Roth IRA box if you’re filing Form 5498 to report Roth IRA information.

  Roth SEP IRA - Check both “SEP” and “Roth IRA” if you’re filing Form 5498 to report information about a Roth SEP IRA.

  Roth SIMPLE IRA - Check both “SIMPLE” and “Roth IRA” if you’re filing Form 5498 to report information about a Roth SIMPLE IRA.

• Box 8 - SEP Contributions

  Include employer contributions made to a SEP IRA (including salary deferrals under a SARSEP) during 2024, including contributions made in 2024 for 2023, but excluding contributions made in 2025 for 2024. It's important to note that trustees and issuers are not responsible for reporting the year for which SEP contributions are made. Do not include employer contributions to an IRA that are not made under a SEP arrangement. If any contributions do not adhere to a SEP arrangement, report them in box 1. Additionally, remember to include contributions made by a self-employed person to their own account in box 1 and contributions to a Roth SEP IRA in box 8.

• Box 9 - SIMPLE Contributions

  Report the total employer contributions made to a SIMPLE IRA during 2023, including salary deferrals. This should also include contributions made in 2023 for 2022 but should not include contributions made in 2024 for 2023. Do not include contributions to a SIMPLE 401(k) plan. Also, include contributions to a Roth SIMPLE IRA in box 9.

• Box 10 - Roth IRA Contributions

  Contributions to a Roth IRA in 2024 and through April 15, 2025, should be designated for 2024. Also, report any rollover contribution to a Roth IRA from a long-term section 529 qualified tuition program made after December 31, 2023, and on or before April 15, 2025, designated for 2024. Report Roth IRA conversion amounts in box 3 and a qualified rollover contribution made under section 408A(e) from an eligible retirement plan to a Roth IRA in box 2. Do not include contributions to a Roth SEP IRA or Roth SIMPLE IRA in box 10. Also, report qualified rollover contributions from a qualified tuition plan (QTP) to a Roth IRA maintained for the benefit of the QTP beneficiary.

• Box 11 - Check if RMD for 2024

  Check the box if the participant must take an RMD for 2024. You need to check the box for the year in which the IRA participant reaches age 73, even though the RMD for that year needs to be made on April 1 of the following year. Then, check the box for each subsequent year an RMD is required to be made.

• Box 12a - RMD Date

  Enter the RMD date by which the RMD Amount in Box 12b must be distributed.

• Box 12b - RMD Amount>

  Enter the RMD amount if you’re filing Form 5498 to report additional information for 2023.

• Box 13a - Postponed/late contrib.

  Report any contributions that were postponed and made in 2024 for a prior year. If contributions were made for more than one previous year, each previous year's postponed contribution must be reported separately. Also, report the amount of a late rollover contribution made during 2024, including rollovers that are

  • (1) certified by participants,
  • (2) qualified plan loan offsets, and
  • (3) related to taxpayers for federally declared disasters.

  If the participant's contribution has been postponed, it is important to use a separate Form 5498 to report a late rollover.

• Box 13b - Year

  Enter the year for which the postponed contribution in box 13a was made.

• Box 13c - Code

  Enter the reason for the postponed contribution referenced in box 13a.

• Box 14a - Repayments

  Enter the amount related to any repayment of a qualified reservist distribution, a qualified disaster distribution, or a qualified birth or adoption distribution.

• Box 14b - Code

  Enter “QR” or “DD” or “BA” based on the repayment. For example, enter “QR” for the repayment of a qualified reservist distribution. Enter “DD” for repayment of a qualified disaster distribution. Enter “BA” for repayment of a qualified birth or adoption distribution.

• Box 15a - FMV of Certain Specified Assets

  Enter the Fair Market Value (FMV) of the investments in the IRA.

• Box 15b - Code(s)

  Enter the codes based on the value entered in box 15a. The following are codes that can be entered in this box. You’re allowed to enter a maximum of 2 codes. If more than two codes are applicable, enter Code H.

  • A - Stock or other ownership interest in a corporation that is not readily tradable on an established securities market.
  • B - Short- or long-term debt obligation that is not traded on an established securities market.
  • C - Ownership interest in a limited liability company or similar entity (unless the interest is traded on an established securities market).
  • D - Real estate.
  • E - Ownership interest in a partnership, trust, or similar entity (unless the interest is traded on an established securities market).
  • F - Option contract or similar product that is not offered for trade on an established option exchange.
  • G - Other asset that does not have a readily available FMV.
  • H - More than two types of assets (listed in A through G) are held in this IRA. You’re allowed to enter a maximum of 2 codes. If more than two codes are applicable, enter Code H.
  File 5498 Now

4. What is the deadline for filing 5498?

For 2023, the deadline to file form 5498 with the IRS is May 31, 2024. In the section below, we have listed all deadlines associated with 5498.

5. Simplify 5498 E-filing and Recipient Copy Distribution with TaxBandits!

TaxBandits is an IRS-authorized e-file service provider supporting various tax forms, including 1099 series, 94x series, and ACA Forms.

Follow these simple steps to e-file Form 5498:

• Step 1: Create a free TaxBandits account!

• Step 2: Choose "Form 5498" and the Tax Year.

• Step 3: Enter the Trustee, Participant, and IRA information.

• Step 4: Review and Transmit to the IRS.

Suppose the trustee or issuer has chosen postal mail or online access services to distribute the recipient copies; TaxBandits will provide the 5498 Form copies to the recipients on behalf of the filer.