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 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.

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