Get Irs 5498 2024-2026

Filling out the IRS 5498 form online can be a straightforward process if you understand each component. This form is essential for reporting contributions to your individual retirement arrangement (IRA) and other related details.

Follow the steps to accurately complete the IRS 5498 online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Start by entering the trustee’s or issuer’s name and address in the designated fields. This information is crucial as it identifies who manages your IRA.
3. Fill in your taxpayer identification number (TIN) as the participant. This helps the IRS accurately track your contributions.
4. In Box 1, input the total IRA contributions you made during the tax year, including any contributions made up until April 15 of the following year.
5. Enter any rollover contributions in Box 2. This includes funds transferred from another retirement account.
6. Record the amount converted to a Roth IRA in Box 3. This is important for tracking conversions from a traditional IRA.
7. If applicable, note any recharacterized contributions in Box 4, which involve moving contributions from one type of IRA to another.
8. Input the fair market value of your account at the end of the tax year in Box 5. This shows the overall value of your IRA.
9. If applicable, fill in Box 10 with your Roth IRA contributions, denoting contributions made during the year.
10. If a required minimum distribution (RMD) is applicable for the upcoming year, check Box 11 and provide the RMD date in Box 12a and the amount in Box 12b.
11. Complete any late contribution details in Box 13, including the amount and applicable code for the contribution year.
12. For any repayments related to specific distributions, record these in Boxes 14a and 14b.
13. Finally, review all entries for accuracy. You can then save changes, download, print, or share the form as needed.

Complete your IRS forms online for accuracy and efficiency.