If you made contributions to your IRA during the year, Guideline will provide you with an IRS Form 5498-IRA Contribution Information showing those contributions by May 31st of the year following the contributions. Examples of information found on this form may include the following:
- Regular and rollover contributions that you made to your traditional IRA or Roth IRA,
- Roth conversion amounts to your Roth IRA,
- Amounts that you re-characterized between a traditional IRA, SEP IRA, SIMPLE IRA and a Roth IRA, and/ or
- If you are at least age 70½ by the end of the year in which the Form 5498 is issued, then your Form 5498 should also indicate whether you need to take a required minimum distribution (RMD) for the year.
Form 5498 is not required to be filed with your tax return, but it provides you an opportunity to verify that information matches your tax return such as IRA and rollover contributions.
If you took distributions and properly rolled over these amounts, they should be reported as nontaxable distributions on your tax return. Form 5498 provides the IRS with a confirmation of the rollover, and helps to let them know that the amount is nontaxable.