Form 5498 for IRA Contributions

By June 12, 2012 Individuals

Taxpayers who contributed to an IRA in 2011 are starting to receive their Form 5498, IRA contribution forms.  You may receive this form even if you made a contribution in 2012 for 2011. The form is primarily for information purposes, and does not have to be sent in with your tax return.  If we have completed your 2011 tax return, this information should already be recorded on the return.

Every year, we receive numerous phone calls from taxpayers asking if their returns need to be changed because they have received form 5498,  IRA contribution forms.  The only time a change would need to be made is if the tax return filed for 2011 did not include the deductible amount contributed to your IRA, or the amount included was different from the actual contribution amount.

If you find that either of the above scenarios are true for you, or if you have any general questions about this form, please don’t hesitate to contact us.