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The information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, including any catch-up contributions, rollovers, repayments, required minimum distributions (RMDs), and the fair market value (FMV) of the account.
File Form 5498, IRA Contribution Information, with the IRS by May 31, 2025, for each person for whom in 2024 you maintained any individual retirement arrangement (IRA), including a deemed IRA under section 408(q).
The information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, including any catch-up contributions, required minimum distributions (RMDs), and the fair market value (FMV) of the account. For information about IRAs, see Pubs. 590-A, 590-B, and 560.
22 paź 2024 · Required minimum distributions (RMDs) Form 5498 also documents the fair market value (FMV) of your IRA account at the end of the year. In the rare case you have an endowment contract with a life insurance company, a portion of your IRA contributions might be allocated to the cost of life insurance.
7 lis 2024 · Form 5498 details IRA contributions, required minimum distributions (RMDs), Roth IRA conversions, rollovers, and the fair market value (FMV) of IRA accounts. Key Takeaways
Form 5498 for Required Minimum Distributions (RMDs) You need to make a Required Minimum Distribution from the account each year if you reached age 72 (70½ if you reached 70½ prior to January 1, 2020). You may also be required to take RMDs if you inherited an IRA.
The IRS also uses IRS form 5498 reports to determine the amount of required minimum distributions (RMD). They use a Uniform Lifetime Table to determine the amount using a formula based on your age (the age of the account holder) and the fair market value of your account.
