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Tax Resource Center

5498 IRA Tax Information

When you’ve made IRA contributions, rollovers, conversions, or recharacterizations to your accounts in a given tax year, Form 5498 will report this information to the IRS.

Who Gets It

Shareholders who made contributions, rollovers or recharacterizations to their traditional, SEP, Simple or Roth IRAs, or who made Roth IRA conversions.

 

When It's Mailed

For traditional and Roth IRAs, if you’ve already contributed, Thrivent Mutual Funds targets mail dates by January 31st.

IRA contributions made between Jan. 1 and the tax due date of the current year as a contribution for the previous tax year will generate a corrected 5498 tax form in the current year that will be mailed by May 31.  

For SEP or SIMPLE IRAs contributions from your employer, forms will be sent out in January.

What's In It

Expect to find the following:

  • contributions to traditional and Roth IRAs Rollovers made to IRAs
  • conversions from a traditional IRA, SEP IRA or SIMPLE IRA to a Roth IRA or qualified rollover contribution from an eligible retirement plan (other than IRA) to a Roth IRA
  • SEP and SIMPLE IRA contributions made through the employer during the calendar year
  • indications whether the IRA is subject to required minimum distributions (RMDs) in the following year
  • fair market value of IRAs as of Dec. 31
  • recharacterizations (changing or undoing a traditional IRA contribution from a Roth IRA contribution or vice versa)
  • special postponed contributions (Allied Force, Enduring Freedom, Iraqi Freedom and taxpayers affected by federally designated disaster areas)
  • repayment of a qualified reservist distribution or a designated disaster distribution repayment

How To Use It

If no contributions are made for the year, use your Dec. 31 year-end statement to obtain the fair market value of your account. Box 11 indicates if your account is subject to minimum distribution requirements for the upcoming year.  If you want to make IRA contributions for the prior tax year, it must be postmarked by your tax return due date (generally April 15th) and designated as a contribution for the previous year.


5498 IRA Tax Form Information

Below are descriptions of the boxes on Form 5498 IRA. Refer to the instructions for IRS Form 1040 and IRS Form 8606 for more information.At Thrivent Mutual Funds, we recommend you consult your tax advisor to make sure you’re getting the most out of your investments. Thrivent Mutual Funds and their representatives cannot provide legal or tax advice.

 

Box 1—IRA contributions

Reports traditional IRA contributions made for this past calendar year and through the tax due date.

  • How to report on your tax return
    • IRS Form 3606 for nondeductible IRA contributions
    • IRS Form 1040, Line 32: Deductible contributions made to a traditional IRA less any excess contributions.
    • IRS Form 1040, Line 51: Retirement plan contribution credit.
      • A Savers Credit of up to $1,000 may be available for the first $2,000 in contributions to traditional IRAs, Roth IRAs, and salary deferral contributions to 401(k), governmental 457, 403(b), SIMPLE and SARSEP plans. An eligible individual must be at least 18 years of age, not a dependent of another taxpayer, and nota full-time student. The adjusted gross income limits are listed below. For more information, see Form 8880 or consult a tax advisor.

2016 Adjusted Gross Income Limits

Contribution Credit Rate

Adjusted Gross Income Limit

50%

Married Filing Jointly: AGI not more than $37,000

Head of Household: AGI not more than $27,750

All other Filers: AGI not more than $18,500

20% 

Married Filing Jointly: $37,001 - $40,000

Head of Household: $27,751 - $30,000

All other Filers: $18,501 - $20,000

10%

Married Filing Jointly: $40,001 - $61,500

Head of Household: $30,001 - $46,125

All other Filers: $20,001 - $30,750

0%

Married Filing Jointly: more than $61,500

Head of Household: more than $46,125

All other Filers: more than $30,750

Box 2—Rollover contributions

Reports the amount of any rollovers made to your IRA in the past calendar year. This includes a direct rollover from a qualified plan to an IRA.

  • How to report on your 1040 tax return for a rollover IRA distribution
    • IRS Form 1040, Line 15a
    • Taxable amount, Line 15b
  • How to report on your 1040 tax return for a rollover pension or annuity
    • IRS Form 1040, Line 16a
    • Taxable amount, Line 16b:
      • If your pension or annuity is fully taxable, enter the total pension or annuity payments on line 16b.

 

Box 3—Roth IRA conversion amount

Reports the amount received in the past calendar year from a traditional, SEP or SIMPLE IRA that was converted to a Roth IRA.

  • How to report on your 1040 tax return
    • IRS Form 1040, Line 15a, Taxable amount, Line 15b:
    • Enter the total distribution on line 15a and complete IRS Form 8606, Part II, to determine the amount to enter on line 15b.

 

Box 4—Recharacterized contributions

Reports the amount recharacterized from a Roth IRA to a traditional IRA, or a traditional IRA to a Roth IRA in past calendar year.

 

Box 5— Fair market value of account

Reports the Dec. 31 account value which is used to calculate the next year's required minimum distribution, if applicable.

 

Box 7—Type of IRA - checkboxes

Indicates if your plan is an IRA, SEP, SIMPLE or Roth IRA.

 

Box 8—SEP contributions

Reports both employer contributions and employee salary reduction contributions made to your SEP/SARSEP IRA in the past calendar year. Contributions made by a self-employed person to his or her account as part of a SEP Plan should be included in Box 8.

 

Box 9—SIMPLE contributions

Reports both employer contributions and deferrals and employee salary reduction contributions made to your SIMPLE IRA in past calendar year.

 

Box 10—Roth IRA contributions

Reports Roth IRA contributions made for the past tax year.

  • How to report on your 1040 tax return for Roth IRA contributions
    • Roth IRA contributions are not deductible and not reported on IRS Form 1040.

 

Box 11—RMD checkbox

Will be checked if there is a required minimum distribution (RMD) for the next calendar year due from your IRA.

 

 

Based on 2016 IRS Form instructions. Subject to change.