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.
Tax Resource Center
5498 IRA Tax Information
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:
|
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.
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.
Check the background of Thrivent Distributors, LLC on