Form 5498
Form 5498 reports gross contributions to your IRAs, including rollover and conversion contributions, as well as regular contributions to traditional and Roth IRAs. It also reports the fair market value of your IRA account and if the account may be required to take a required minimum distribution during the coming year. If no contributions were made to your traditional or Roth IRA, Simplified Employee Pension (SEP), Salary Reduction SEP (SARSEP), or SIMPLE IRA plans, you will not receive Form 5498 in June. Your annual statement will be the only record you receive of your account's fair market value as of the end of the year.
Contribution limits for IRAs
The annual contribution limit for both traditional and Roth IRAs is the smaller of the applicable amount listed in the table below or your taxable compensation for the year. See IRS Pub. 590-A for more details.
Your Questions Answered
A direct transfer of assets is a non-reportable event. However, if you completed a rollover, that transaction would be reported on your Form 5498.
IRA owners normally have until April 15th of the current year for making an IRA contribution towards the prior year. The deadline is regulated by the IRS and designed to give investors additional time for making contributions.
Note: For information regarding an extension of the deadline due to presidential proclaimed disasters and military service, visit the IRS website at irs.gov.
Form 5498 reports the value of your account as of Dec. 31 of the previous calendar year. If you make further contributions to your retirement account between Jan. 1 and April 15th of the following calendar year, those contributions will be reflected on your Form 5498, but will not be included in the calculation of the fair market value.
The IRS instructs Invesco to report contributions for SEP and SIMPLE IRAs on a calendar year basis.
For traditional and Roth IRAs, any distribution is reported on Form 1099-R, and any contribution is reported on Form 5498. Therefore, if you converted a traditional IRA into a Roth IRA, the distribution from your traditional IRA will be reported on Form 1099-R, and the contribution to the Roth IRA will be reported on Form 5498. If you had a recharacterization (moving assets from a Roth IRA back into a traditional IRA), you will receive a Form 1099-R showing the distribution from the Roth IRA and Form 5498 reporting the recharacterization contribution into the traditional IRA. The withdrawals from and the contributions to the different types of accounts will be reported in different boxes on the forms.
This amount represents an indirect rollover contribution deposited after the allowable 60-day period by using the IRS-approved self-certification method. You will also notice the code of SC appearing in box 13C identifying the type of Postponed Contribution.