Form 5498 Instructions - 2016 printable pdf download

2016 Form 5498 Instructions

Form 5498: Individual Retirement Arrangement Information

These are IRS instructions that we are required to provide to you.

INSTRUCTIONS TO PARTICIPANT

The information on Form 5498 is submitted to the Internal Revenue

Line 11. If the box is checked, you must take an RMD for 2017. An RMD

Service by the trustee or issuer of your individual retirement arrangement

may be required even if the box is not checked. If you do not take the

(IRA) to report contributions, including any catch-up contributions,

RMD for 2017, you are subject to a 50% excise tax on the amount not

required minimum distributions (RMDs), and the fair market value (FMV)

distributed. See Pub. 590-B for details.

of the account. For information about IRAs, see Pubs. 590-A, 590-B,

Line 12a. Shows the date by which the RMD amount in line 12b must

and 560.

be distributed to avoid the 50% excise tax on the undistributed amount

Participant’s identification number. For your protection, this form may

for 2017.

show only the last four digits of your Social Security Number (SSN),

Line 13a. Shows the amount for any postponed contribution made in

individual taxpayer identification number (ITIN), or adoption taxpayer

2016 for a prior year.

identification number (ATIN). However, the issuer has reported your

complete identification number to the IRS, and, where applicable, to

Line 13b. Shows the year to which the postponed contribution in line

state and/or local governments.

13a was credited.

Account number. May show an account or other unique number the

Line 13c. For participants who made a postponed contribution due

trustee or issuer assigned to distinguish your account.

to an extension of the contribution due date because of a federally

designated disaster, shows the code FD.

Line 1. Shows traditional IRA contributions for 2016 you made in 2016

and through April 18, 2017. These contributions may be deductible on

For participants who served in designated combat zones, qualified

your Form 1040 or 1040A. However, if you or your spouse was an active

hazardous duty areas, or in direct support areas, shows the appropriate

participant in an employer’s pension plan, these contributions may not

code. The codes are: EO13239 for Afghanistan and associated direct

be deductible. This line does not include amounts in lines 2–4, 8–10,

support areas, EO12744 for the Arabian Peninsula areas, and EO13119

13a, and 14a.

(or PL106-21) for the Yugoslavia operations areas. For additional

information, including a list of locations within the designated combat

Line 2. Shows any rollover (including a direct rollover to a traditional

zones and qualified hazardous duty areas, see Pub. 3. For updates to

IRA or Roth IRA), or a qualified rollover contribution (including a military

the list of locations, go to

death gratuity, SGLI payment, or qualified settlement income) to a Roth

IRA you made in 2016. It does not show any amounts you converted

Line 14a. Shows the amount of any repayment of a qualified reservist

from your traditional IRA, SEP IRA, or SIMPLE IRA to a Roth IRA. They are

distribution or federally designated disaster withdrawal repayment.

shown on line 3. See the Form 1040 or 1040A instructions for information

See Pub. 590-A for reporting repayments.

on how to report rollovers. If you have ever made any nondeductible

Line 14b. Shows the code QR for the repayment of a qualified reservist

contributions to your traditional IRA or SEP IRA and you did not roll

distribution or code DD for repayments of a federally designated

over the total distribution, use Form 8606 to figure the taxable amount.

disaster distribution.

If property was rolled over, see Pub. 590-A. For a qualified rollover to a

Roth IRA, see also Pub. 590-A.

Line 15a. Shows the FMV of the investments in the IRA that are specified

in the categories identified in line 15b.

Line 3. Shows the amount converted from a traditional IRA, SEP IRA, or

SIMPLE IRA to a Roth IRA in 2016. Use Form 8606 to figure the taxable

Line 15b. The following codes show the type(s) of investments held in

amount.

your account for which the FMV is required to be reported in line 15a.

Line 4. Shows amounts recharacterized from transferring any part of

A — Stock or other ownership interest in a corporation that is not readily

the contribution (plus earnings) from one type of IRA to another. See

tradable on an established securities market.

Pub. 590-A.

B — Short or long-term debt obligation that is not traded on an

Line 5. Shows the fair market value of your account at year-end.

established securities market.

However, if a decedent’s name is shown, the amount reported may be

the FMV on the date of death. If the FMV shown is zero for a decedent,

C — Ownership interest in a limited liability company or similar entity

the executor or administrator of the estate may request a date-of-death

(unless the interest is traded on an established securities market).

value from the financial institution.

D — Real estate.

Line 7. May show the kind of IRA reported on this Form 5498.

E — Ownership interest in a partnership, trust, or similar entity (unless

Line 8. Shows SEP contributions made in 2016, including contributions

the interest is traded on an established securities market).

made in 2016 for 2015, but not including contributions made in 2017

F — Option contract or similar product that is not offered for trade on an

for 2016. If made by your employer, do not deduct on your income tax

established option exchange.

return. If you made the contributions as a self-employed person (or

partner), they may be deductible. See Pub. 560.

G — Other asset that does not have a readily available FMV.

Line 9. Shows SIMPLE contributions made in 2016. Shows SIMPLE

H — More than two types of assets (listed in A through G) are held in

contributions made in 2016, including contributions made in 2016 for

this IRA.

2015, but not including contributions made in 2017 for 2016. If made by

your employer, do not deduct on your income tax return. If you made

Future developments. For the latest information about developments

the contributions as a self-employed person (or partner), they may be

related to Form 5498 and its instructions, such as legislation enacted

deductible. See Pub. 560.

after they were published, go to

Line 10. Shows Roth IRA contributions you made in 2016 and through

April 18, 2017. Do not deduct on your income tax return.

533500.9.0

1.903292.107

Form 5498 Instructions - 2016

Related Articles

Related forms

Related Categories