Tax Tips What Do I Do with this Form 5498? Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLee Published Apr 7, 2007 2 min read You’ve filed your 2006 tax returns and breathed a sigh of relief! Now you receive some Form 5498 from your brokerage firm. Don’t panic! You didn’t need it for your tax return. Honest! The trustees of your IRA are required to use Form 5498 to report your IRA activity to the IRS. They also must send you an "information only" copy for your records. The trustees must submit this form to the IRS by May 31, typically long after your tax return is filed. Form 5498 contains information you’ve already received on your year-end statement and/or Form 1099-R, such as: – The amount you contributed to a traditional IRA during the year – IRA rollover amounts (from a traditional IRA to another traditional IRA) – Roth IRA conversion amounts (from a traditional IRA to a Roth IRA) – Roth IRA recharacterization amounts (from a Roth IRA to a traditional IRA), and – Your IRA values (the total amount in the IRA). If you’re looking for Form 5498 in TurboTax, it’s not there. Anything that you needed to report on your tax return, you’ve already entered into other areas of TurboTax such as the 1099-R screen. For details on where you may have entered the Form 5498 information on your tax return, check out the FAQ, Where Do I Enter Form 5498?. Here’s good example of information that is on your Form 5498 but doesn’t need to be and shouldn’t be on your tax return. Your Form 5498 may show a direct trustee-to-trustee transfer from one IRA to another. Since it’s a trustee-to-trustee transfer, you didn’t receive a Form 1099-R and it didn’t need to be entered in TurboTax. There is more than one type of Form 5498. All Forms 5498 report contributions to some kind of savings plan, including Coverdell Education Savings Accounts (ESAs), health savings accounts (HSAs), Archer medical savings accounts (MSAs), and Medicare Advantage MSAs. The same holds true for all Forms 5498 — you don’t enter them into TurboTax. Instead, you’ll enter your contribution information from your year-end statements. So you can now breathe a bigger sigh of relief. Your 2006 tax year is really over! You know your small business—we know business taxes. Our self-employed and business tax experts will ensure you get every tax break with 100% accuracy, guaranteed. Start for free 100% free to start. Pay only when you file. Previous Post Does My Child Need to File a Tax Return? Next Post Most Common Filing Errors Written by TurboTaxLee More from TurboTaxLee 0 responses to “What Do I Do with this Form 5498?” How do I get a 5498 form Also how do I find out who claimed my grand daughter on taxes. She is to be claimed on mom taxes every other year. . What site or number do I need to contact? Susie Primmer Reply Leave a ReplyCancel reply Browse Related Articles Tax Help How to File a Business Tax Extension: Deadlines, Forms, and Penalties Tax Tips The White Lotus Tax Lessons: Navigating Gift Taxes, Lump Sum Payouts, Hush Money, and the IRS Tax Questions What Day Are Taxes Due? April 15! How to File for a Tax Extension or Pay Taxes Online Tax Questions What Happens If You File Your Taxes Wrong? Late Filing Penalties, Interest, and More Tax Questions What’s Tax Deductible? A Guide to Mortgage Interest, Long-Term Care, Funeral Expenses, Student Loans, and Roth IRA Contributions Tax Questions Is it Better to Get Your Taxes Done or Do Them Yourself? (And Other Tax Questions Answered) Tax Forms What is a 1099-K Form? How to Report Payments on Your Tax Return (2024) Tax Forms What is a 1099 Form? A Guide to Understanding Your Tax Obligations Income Tax by State Wisconsin State Income Tax in 2025: A Guide Income Tax by State West Virginia State Income Tax in 2025: A Guide
How do I get a 5498 form Also how do I find out who claimed my grand daughter on taxes. She is to be claimed on mom taxes every other year. . What site or number do I need to contact? Susie Primmer Reply