What do I need to do for my IRA contributions (Form 5498) when filing my taxes?

For any IRA accounts with contributions (deposits), you will receive a Form 5498 in late May. We will post this form under the "Documents" link at the top of your dashboard. 

Form 5498 is for informational purposes only. You are not required to file it with your tax return.

This form is not posted until May because you can contribute to an IRA for the previous year through mid-April. This means you will have finished your taxes before you receive this form. If you need to know how much you contributed to any IRA you can login to your account, click your IRA to get to the single account dashboard and you'll see your yearly contribution information listed below your account graph.

Indirect rollovers occur when the owner of the account takes possession of the retirement funds and re-deposits them into another qualified retirement account. In order to avoid the funds being taxed as income and possible early distribution penalties, typically the funds must be rolled over into a qualified account within 60 days of distribution. Generally, you are only allowed to do one indirect rollover in a 12-month period. A Form 1099-R will be issued when the funds leave your qualified retirement plan and a Form 5498 will be generated when you redeposit the funds. Although the Form 1099-R is available at the end of January,  the Form 5498 won't be available until May, but you don't need it to file your tax return.


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