When a person in US saves for retirement through an IRA program, i.e. Individual Retirement Arrangement, they receive a form 5498 annually. This form defines all the contributions a person makes toward the retirement plan and the institute handling the plan is required to report all details in the said form.
Depending on the type of IRA an individual has, they must’ve a form 5498 and it would be required to be filled by an IRA custodian—not the account holder— to fill the form with the IRS, usually by May 31.
It portrays several IRA contributions and other account information in the reporting boxes of the form. For example;
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;
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