5498 Form

2023 5498 Form: What You Should Know

Taxpayers who make traditional 5498 returns, may also make IRA contributions  and can deduct that amount from their taxes. It must be provided to the IRS  Boxes 2 – 5 Report to the IRS Your IRA Contributions for 2021 You must file these forms at IRS.gov/IRS5498. Box 5. Box 5. Box 5. The information required to be reported in box 5 includes: (a) The name and employer of each contributor who has made at least one IRA (10 percent) contribution; (b) The amount of (or amount deducted by) each contributor to the plan during the year, not including contributions for which the contributor is entitled to deduct or withhold under the IRC Section 401(a) or IRC Section 402(m); (c) The total number of participant contracts (including the amount of the participant's contributions to each contract) that were outstanding for the year; (d) The total amount of the elective deferrals that you made during the year and the amount paid by you (in cash or otherwise) on behalf of all participants, including the elective deferrals; (e) The name of the trustee of the plan for the year and the state (or, if more than one state, the congressional district) of the principal place of business of the trust in which it holds property; and (f) Any other information required by the regulations. Boxes 6 – 10 Report to the IRS Your IRA Contributions for 2023, and Later You must file these forms at IRS.gov/IRS5498. Box 6. Box 6. Box 6.

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