How to Report an IRA Contribution Rollover With Form 5498


One of the advantages of a 401k or individual retirement account is that these accounts are portable. Unlike traditional defined-benefit pensions, which are tied to one company, the money accumulated in an IRA or 401k can be rolled over when employees change jobs. But for that rollover to be a non-taxable event, it must be reported correctly. Form 5498 is used to report such rollovers.

Things You'll Need

  • Form 5498
  • Enter the name of the company serving as trustee for the rollover, including the firm's name, street address, city and ZIP code. This information is recorded in the upper left-hand box of Form 5498. Just below that box is a space for the trustee's taxpayer identification number.

  • Enter the Social Security number of the plan participant in the appropriate box, along with the participant's full name and address.

  • Provide the amount of IRA contributions in box 1. Use box 2 for any rollover contributions and box 3 for Roth IRA conversions. Box 4 is used to report any recharacterized contributions.

  • Record the fair market value of the IRA account in box 5. If applicable, the life insurance costs associated with the IRA contributions are entered in box 6.

  • Use box 7 to indicate the type of IRA being rolled over, such as traditional, Roth, SEP (Simplified Employee Pension) or SIMPLE. Boxes 8 through 10 are used to record the amounts of those rollovers.

  • Check the check box in section 11 if part of the rollover was a required minimum distribution. The RMD must be taken if the account holder is 70 1/2 years of age or older. If an RMD is involved, the amount is recorded in box 12.

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