Form 5498

Form 5498

A form that one files with the IRS to report contribution and other information on an individual retirement account. A company managing IRAs must report contributions, rollovers, traditional to Roth IRA conversions, account closures, and required minimum distributions on each IRA under management. However, they are not required to report the individual investments that each IRA makes.
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Reality: TIN truncation only applies to the payee's identification number on payee statements for Form 1098 series (excluding 1098-C), Form 1099 series, and Form 5498 series.
Fair market value (FMV)--On Form 5498, IRA Contribution Information, the trustee holding an IRA account reports to the owner and to the IRS the value of that account as of year's end (i.
The Form 5498 details the account balance, account holdings, and account beneficiaries.
Fair market value (FMV)--On Form 5498, the trustee holding an IRA account reports to the owner and to the IRS the value of that account as of year's end (i.
If the taxpayer's Form 5498 indicated a fair market value in one of those plans, it was chosen as the source of the distribution.
Under the final regulations, the IRA trustee will be required to indicate on Form 5498, IRA Contribution Information, that a minimum distribution is required, but need not indicate the amount.
Source Income Subject to Withholding;" Form 5498, "IRA Information;" Form 8027, "Employer's Annual Information Return of Tip Income And Allocated Tips.
Both the Social Security number and the first name shown on Form 5498 were used to determine number of accounts, so that the number should be accurate even if a parent used his or her Social Security number to set up accounts for more than one child.
Form 5498, Individual Retirement Arrangement Information: Beginning in 1997, Form 5498 is used to report contributions to three types of retirement plans: individual retirement arrangements (IRAs), simplified employee pensions (SEPs) and SIMPLEs (plans for employees of small employers).
In most cases, the amounts identified as Rollovers on Form 5498 represent withdrawals from employer-sponsored plans (such as 401(k) plans) into traditional IRA plans.
Like all rollovers to IRAs, directed rollovers must be reported to the IRS by the IRA trustee or custodian on Form 5498, Individual Retirement Arrangement Information.