Your trustee or IRA issuer, not you, must file this form with the IRS by May 31. For any IRA with contributions (deposits), you will receive a Form 5498 by the end of May. We'll post this form to the Documents link at the top of your dashboard. Review current IRA contribution limits Conversions from a traditional IRA to a roth IRA are reported on Form 1099-R. Learn more about Roth conversions Review details on contributions, conversions and requalifications, as well as deductions, inherited IRAs, renewals and more.
Contact your plan administrator if you haven't received a Form 5498 reporting your contributions. The TIAA is required to report to the IRS the full amount of the contribution, including the amount of the excess contribution. However, if you or your spouse were actively involved in an employer's pension plan, these contributions may not be deductible. The different boxes on Form 5498 report contributions to various types of plans and a variety of additional information.
This information must be entered into Form 8606 non-deductible IRAs, line 6 ONLY IF you made distributions from a traditional, SEP, or SIMPLE IRA during the current tax year AND made non-deductible contributions to a traditional IRA in the current or prior tax year. You can expect to receive Form 5498 from the IRS if you made contributions to an IRA (Individual Retirement Agreement) in the previous tax year. Form 5498 will also report the amounts you transfer or transfer from other types of retirement accounts to this IRA. Form 5498 must be mailed to you by May 31 to show traditional IRA contributions made during the previous year between January 31 of the previous year and the current year's tax filing deadline.
Form 5498 can help you determine your tax deduction for qualifying IRA contributions you've made, but you don't necessarily have the right to deduct the full amount listed for traditional IRA contributions. Form 5498 reports on IRA contributions, including those made to SEP IRAs, Roth IRAs, inherited IRAs, and SIMPLE IRAs.
The IRA contributioninformation on Form 5498 is information for your personal records and is not required to prepare your tax return. If you were 70 and a half or older in the previous tax year, federal law requires that you begin receiving minimum distributions from your traditional, cumulative, or TIAA-CREF SEP IRA (s) in the following calendar year.
Form 5498 lists contributions made to IRAs for the tax year on the form (if no contributions are made, there is no entry). Contributions to similar accounts, such as Archer medical savings accounts and Medicare Advantage MSAs, will also guarantee Form 5498-SA. For more information on IRAs, see IRS Publication 590-A Contributions to Individual Retirement Arrangements (IRAs) and IRS Publication 560 on Small Business Retirement Plans (SEP, SIMPLE and Qualified Plans). The letter will ask for additional taxes, interest, and penalties for any underpayment of taxes resulting from the deduction that exceeds the amount reported on the form.