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  • What is form 5498?

    This form reports regular and rollover contributions on individual retirement arrangements, including Traditional IRA, Roth IRA, Simplified Employee Pension (SEP), and Savings Incentive Match Plan for Employees (SIMPLE).

  • I have already filed my return - why am I receiving this now?

    Form 5498 is for informational purposes only and it is not to be filed with your tax return. Since IRS regulations require we mail these forms no later than May 31st of the following year, they are typically mailed in May. Unless you made IRA contributions from January through the filing deadline in 2013 and attributed them to 2012, the contribution on your Form 5498 should match the annual statement you received in January.

  • On the Form 5498 I received, my contributions appear in Box 1, which is labeled IRA contributions. However, I have a SEP contract. Should these contributions be moved to Box 7?

    The IRS instructs us to include employee contributions made to a SEP-IRA in Box 1. These contributions are treated as regular IRA contributions, subject to the maximum contribution rules (Sec. 219).  Box 7 lists employer contributions made to a SEP or SARSEP contract during 2012.  It also includes contributions made by the self-employed to a SEP contract or employer SARSEP contributions made under Section 408(k)(6). Unless otherwise designated, we assume payments are employee contributions.

  • Why do the contributions showing on my Form 5498 differ from my annual or quarterly statement(s)?

    Form 5498 includes all regular and Roth IRA contributions for the previous tax year and all regular and Roth IRA contributions made through April 15, 2013 attributed to the 2012 tax year (if you so designed them). This form also shows contributions made in 2012 to SEP or SIMPLE contracts, regardless of the year for which the contributions were designated.  You may, in 2013, still make SEP or SIMPLE contributions for 2012 up until the due date of your return, including any IRS-approved extensions.

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