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Guide for How to Fill in IRS Form 5498 You Can't Miss

Home > How to Fill in IRS Form 5498

IRS Form 5498 reports the total yearly contributions to an IRA account and classifies the type of retirement account that you have, like a traditional IRA, SEP IRA, Roth IRA, or SIMPLE IRA. Form 5498 also reports the amounts that you overturn or transfer from other form of retirement accounts into this IRA. Once you claim a deduction for your IRA contributions, you have to refer the amounts on the Form 5498.

Part 1Your Best Solution to Fill Out IRS Form 5498

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If you are filling out an IRS Form 5498 online, using Wondershare PDFelement would be your best solution as it allows you to edit and convert PDF forms on your computer. Wondershare PDF element supports Word, Excel, PowerPoint, and ePub conversions. You are also able to secure your PDF documents with a password.

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Part 2Instructions for How to Complete IRS Form 5498

Step 1: Download the IRS Form 5498 from the official website of IRS and import the downloaded file on Wondershare PDFelement.

import irs form pdf

Step 2: Report all of your combined Traditional IRA cash contributions that are made between January 1 of the prior year and April 15 of the current year in Box 1.Write any amounts paid for life insurance in addition to the excess contributions. Don't write any contributions made for your spouse; report those on a different Form 5498. All the contributions of the employees to a SEP-IRA have to be reported here too.

Step 3: Report all rollover IRA contributions in Box 2 of the 5498. This occurred if you moved money from a capable or other retirement plan into an IRA account. It includes any amounts rolled over from a qualified or other non-IRA retirement account into a Roth IRA. Rollovers from a Roth IRA to another Roth IRA, SLGI payments, military death gratuities, and specific types of lawsuit are reported here too.

Step 4: Report all the Roth IRA conversions and reconversions from any kind of SEP, Traditional, or SIMPLE IRA, or eligible plan throughout the year in Box 3. Enter any amounts recharacterized in Box 4. Write the fair market worth of your IRA account as of December 31 in Box 5, following the instructions for hereditary IRAs in the instruction manual for Form 5498.

Step 5: Write any amount that you included in Box 1 for cost of life insurance for legacy contracts in Box 6. Check what type of IRA account that you're reporting information for in Box 7. Make report of any employer contributions for SARSEP and SEP plans in Box 8. SIMPLE contributions go in Box 9, Roth IRA contributions up to April 15 of the current year go into Box 10, and check Box 11 if you took a necessary minimum distribution throughout the previous year.

Step 6: Enter RMD information in Boxes 12a and 12b and any details about to postponed prior year contributions because of military service in Boxes 13a, B and C. Fill out the Boxes 14a and 14b if you reimbursed any eligible reservist deliveries or repayments. Write any special catch-up contributions you made because of employer liquidation in Box 15a and code "BK" in Box 15b.

Part 3Warnings and Tips for IRS Form 5498

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Posted by to | Follow @margaretecottyg
Published: Jan 26,2016 15:34 pm / Updated: Feb 15,2016 19:30 pm

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