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 is Tax Form 5498 Box 5?

Box 5, FMV of account—Enter the fair market value of the account as of December 31, 2019. Box 6, Life insurance cost included in box 1— Enter the amount included in Box 1 that is allocable to the cost of life insurance.

Where do I report IRA contributions on my tax return?

IRA contributions will be reported on Form 5498: IRA contribution information is reported for each person for whom any IRA was maintained, including SEP or SIMPLE IRAs. An IRA includes all investments under one IRA plan.

What do you need to know about the 5498 tax form?

The 5498 tax form reports IRA contributions, like Roth and traditional IRAs, Simplified Employee Pension (SEP), Savings Incentive Match Plan for Employees (SIMPLE), and deemed IRAs. Form 5498 reports the type of account you hold to the IRS as well as financial information about your IRA:

How are recharacterized IRA contributions reported on Form 5498?

All recharacterized contributions received by an IRA in the same year must be totaled and reported on one Form 5498 in box 4. You may report the FMV of the account on the same Form 5498 you use to report a recharacterization of an IRA contribution and any other contributions made to the IRA for the year.

What does box 13B mean on IRS Form 5498?

Box 13b, Year — Enter the year for which the postponed contribution in Box 13a was made. Leave blank for late rollover contributions and rollovers of qualified plan loan offset amounts.

Do you need to report Form 5498 in ProSeries?

You need to report the information for Form 5498 in ProSeries. ProSeries doesn’t have a 5498 Worksheet. The IRS requires companies that maintain any individual retirement arrangement (IRA) to file a Form 5498, including a Deemed IRA under section 408(q) in the tax year. The taxpayer isn’t required to attach this form to their tax return.