TAX RESOURCE CENTER
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.
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. 31st year-end statement to obtain the fair market value of your account.
For traditional and Roth IRAs, with contributions, conversions, or rollovers, Thrivent Mutual Funds targets mail date by January 31st.
IRA contributions made between January 1st 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 31st.
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.
Expect to find the following:
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.
The information provided is not intended as a source for tax, legal or accounting advice. Please consult with a legal and/or tax professional for specific information regarding your individual situation.