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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.

If no contributions are made for the year, use your Dec. 31 year-end statement to obtain the fair market value of your account.

 

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.  

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.

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

Use Form 5498 to confirm amounts you needed to report on your tax return related to contributions and rollovers.

Box 11 indicates if your account is subject to minimum distribution requirements for the upcoming 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.

You are responsible for determining if your contributions are deductible or nondeductible. You may be able to qualify for a Saver’s Credit when you file your tax return if you meet certain eligibility and adjusted gross income limits.

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.

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.

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.

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 2017 IRS Form instructions. Subject to change.