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Form 5498 – What is it?

Form 5498 – What is it?

If you have an IRA open, then you might have received a form in the mail.

This is Form 5498, and it summarizes the type of IRA that you have (traditional, Roth, SEP, or SIMPLE) and the total annual contributions made to the account for the previous tax year. Additionally, it will also note any transfers or roll overs from other types of retirement accounts into your IRA.

Here are 4 quick things you can do with the form:

  1. Review it for accuracy for contribution and/or rollover amounts
  2. Review your account values from December, 31 2017 to ensure they match your statements
  3. Review your tax return to make sure that any tax deductible contributions were accounted for
  4. Keep a copy for your records

If you do not have an IRA account with us or did not make contributions into your IRA account, then you most likely did not receive a Form 5498.

Should you have any questions, feel free to reach out to us for clarification.


Veronica TorresVeronica Torres
Director of Operations
Warren Street Wealth Advisors

 

 

 

 

Veronica Torres is an Investment Advisor Representative of Warren Street Wealth Advisors, a Registered Investment Advisor. Information contained herein does not involve the rendering of personalized investment advice, but is limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the strategies or options presented.

Any investments discussed carry unique risks and should be carefully considered and reviewed by you and your financial professional. Past performance may not be indicative of future results. All investment strategies have the potential for profit or loss. Changes in investment strategies, contributions or withdrawals may materially alter the performance, strategy, and results of your portfolio. Historical performance results for investment indexes and/or categories, generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment-management fee, the incurrence of which would have the effect of decreasing historical performance results. Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there are no assurances that it will match or outperform any particular benchmark. Nothing in this commentary is a solicitation to buy, or sell, any securities, or an attempt to furnish personal investment advice. We may hold securities referenced in the blog and due to the static nature of content, those securities held may change over time and trades may be contrary to outdated posts.