Form 5498 is for informational purposes only. You are not required to file it with your tax return. This form is not posted until June because you can contribute to an IRA for the previous year through mid-May.

Where does form 5498 go in TurboTax?

TurboTax will include the entire amount on Form 1040 line 4a but will exclude the amount rolled over from the taxable amount that would otherwise be reported on line 4b. TurboTax will also place the word ROLLOVER next to line 4b.

Where does form 5498 go on tax return?

Form 5498: IRA Contributions Information reports your IRA contributions to the IRS. Your IRA trustee or issuer—not you—is required to file this form with the IRS, usually by May 31. You won’t find this form in TurboTax, nor do you file it with your tax return.

What do you need to know about IRS Form 5498?

IRS Form 5498 is an informational statement that reports to you and to the IRS the amount of any IRA contributions you made during the previous tax year. IRA contributions are tax-deductible up to certain limits. The IRS uses the information on Form 5498 substantiate that you made contributions.

Where do I enter FMV on Form 5498?

Form 5498 reports the Fair Market Value (FMV) of your IRA account as of year-end. This information should be entered on Form 8606, Line 6 ONLY IF you took distributions from a Traditional, SEP, or SIMPLE IRA during the current tax year AND you made nondeductible contributions to a traditional IRA in the current tax year or an earlier year.

Where do SEP and simple contributions go on Form 5498?

SEP and SIMPLE contributions reflect funds actually contributed during the calendar year instead of the designated tax year the way traditional and Roth IRA contributions are. Rollover contributions appear in box 2 of Form 5498. They should match up with any Forms 1099-R you received showing direct rollovers, plus any indirect rollovers you made.

Where do I Send my 2016 tax return?

Check the full list of supplementary pages to make sure you fill in the right sections if you’re sending your return by post. If you’re sending a tax return for the 2015 to 2016 tax year or earlier, get forms from the National Archives.