Form 1099-R is issued by the IRS and is part of a series of forms called “information returns.” The form is used to report distributions from annuities, retirement plans, profit-sharing plans, IRAs, insurance contracts, and/or pensions. IRS Form 5498 is used by those who have an individual retirement account (IRA).

How does 5498 SA affect taxes?

While IRS form 1099-SA tracks disbursements from Health Savings Accounts (HSA) and Medical Savings Accounts (MSA), form5498-SAtracks contributions to those same accounts. This is an informational form only and doesn’t need to be filed with your income tax return.

What do I need to know about Form 5498?

The information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) or Coverdell education savings account (ESA) to report contributions, including any catch-up contributions, and the fair market value of the account.

Do you need to file IRS Form 5498 for Roth IRA?

Even though Form 5498 reports Roth IRA contribution information, you won’t need the form to file taxes unless you’re trying to qualify for the Retirement Savings Contributions Credit (Saver’s Credit). Only employers can claim a tax deduction for the SEP-IRA and SIMPLE IRA contributions listed on Form 5498.

Where to put rollover contributions on Form 5498?

Although a rollover or conversion of assets from one retirement plan into an IRA isn’t deductible, they are considered contributions and will be reported in boxes 2 and 3 of Form 5498.

Are there direct trustee to trustee transfers on Form 5498?

Direct trustee-to-trustee transfers are not usually reported on Form 5498, including transfers from: a traditional IRA to another traditional IRA or to a SEP IRA, a SIMPLE IRA to another SIMPLE IRA, a SEP IRA to another SEP IRA or to a traditional IRA; or a Roth IRA to another Roth IRA.