Form 5498

It portrays several IRA contributions and other account information in the reporting boxes of the form. For example;

• Box 1 portrays the amount contributed toward the IRA.
• Box 8 represents the contributions toward SEPs, i.e. Simplified Employee Pension.
• Box 9 covers contributed amounts toward SIMPLE IRA, i.e. Savings Incentive Match Plan for Employees.
• Box 10 reports the Roth IRA amounts.
• A rollover or conversion of assets from a retirement plan into an IRA is reported in boxes 2 and 3 of Form 5498 as contributions.

A few other additional points to keep in mind when form 5498 comes to picture are;

Direct transfers within the custodians aren’t covered in this form , including the transfers from;

• a regular IRA to another regular IRA or to a SEP IRA,
• a SIMPLE IRA to another SIMPLE IRA,
• a SEP IRA to another SEP IRA or to a regular IRA,
• or a Roth IRA to another Roth IRA.