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If you have money invested in an Individual Retirement Account you will be receiving a Form 5498 from TD Ameritrade/Schwab (or your stock brokerage firm) in the mail the next 1-4 weeks.

What is it?

Form 5498 is information sent to the IRS by the trustees of Traditional, Roth, SEP, and SIMPLE IRAs.

What information does it provide?

Generally, it is used to document the year’s IRA contributions, rollover contributions, IRA conversions, and the fair market value of IRA accounts.

Does this affect my previous year’s tax return?

Usually it does not. If contribution information provided on the 5498 accurately reflects amounts provided on your tax return, there are no changes needed to last year’s taxes.

Why am I receiving it so late?

As you may know, IRA contributions can be made through the April tax filing deadline each year. It takes time for the trustee to gather this information and report it to the IRS and IRA account holders. Therefore, Form 5498 cannot be sent until May or June.

What should I do with the form?

If the contribution information does not match your tax return then notify your tax preparer immediately! If the information matches, simply keep the document with your tax return and other supporting documents.

Form 5498-SA

You may also receive Form 5498-SA which reports similar information to the IRS regarding your HSA Account. Make sure the information matches your tax return and keep the form with your other tax documents.