What are Form 5498 instructions?

Last modified 9/26/2023 6:55:36 AM EST

Form 5498 instructions assist you in completing your 5498 form error-free. Follow our step-by-step instructions:

First, you will have to enter the Issuer’s name, TIN, and address. Then, you must type the Participant’s name, TIN, and address. Then, start filling the form 5498 details.

Box 1 - IRA contributions (other than amounts in boxes 2–4, 8–10, 13a, and 14a)

Box 2 - Rollover contributions

Box 3 - Roth IRA conversion amount

Box 4 - Recharacterized contributions

Box 5 -  FMV of account

Box 6 - Life insurance cost included in box 1

Box 7 - Check the box to mention the type of IRS.

Box 8 - SEP contributions

Box 9 -  SIMPLE contributions

Box 10 - Roth IRA contributions

Box 11 - Check if RMD for 2021

Box 12a - RMD date 

Box 12b - RMD amount

Box 13a - Postponed/late contrib.

Box 13b - Year

Box 13c - Code

Box 14a - Repayments

Box 14b - Code

Box 15a - FMV of certain specified assets

Box 15b - Code(s)

Visit https://www.taxbandits.com/form-5498-series/form-5498-instructions/ to learn more.

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