Instructions For Forms 1099-R And 5498 - Distributions From Pensions, Annuities, Retirement Or Profit-Sharing Plans, Iras, Insurance Contracts, Etc. And Ira Contribution Information - 2016 Page 22
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24account and, for years after 2016, the FMV of
Box 2. Rollover Contributions
hard-to-value assets. This rule also applies to beneficiary
Enter any rollover contributions (or contributions treated
accounts under the inherited IRA rules, earlier. For more
as rollovers) to any IRA received by you during 2016.
information about the requirement to furnish statements to
These contributions may be any of the following.
participants, see part M in the 2016 General Instructions
A 60-day rollover between IRAs of the same type.
for Certain Information Returns.
A direct or indirect rollover from a qualified plan, section
403(b) plan, or governmental section 457(b) plan.
If you do not furnish another statement to the
Any qualified rollover contribution as defined in section
participant because no reportable contributions
!
were made for the year, the statement of the FMV
408A(e) from an eligible retirement plan (other than an
CAUTION
of the account must contain a legend designating which
IRA) to a Roth IRA.
information is being filed with the IRS.
A military death gratuity.
An SGLI payment.
Truncating participant's identification number on
Qualified settlement income received in connection
payee statements. Pursuant to Treasury Regulations
with the Exxon Valdez litigation.
section 301.6109-4, all filers of Form 5498 may truncate a
An airline payment amount.
participant’s identification number (social security number
For the rollover of property, enter the FMV of the
(SSN), individual taxpayer identification number (ITIN),
property on the date you receive it. This value may be
adoption taxpayer identification number (ATIN), or
different from the value of the property on the date it was
employer identification number (EIN)) on payee
distributed to the participant.
statements. Truncation is not allowed on any documents
the filer files with the IRS. See part J in the 2016 General
For more details, see Pub. 590A.
Instructions for Certain Information Returns.
Box 3. Roth IRA Conversion Amount
Account Number
Enter the amount converted from a traditional IRA, SEP
The account number is required if you have multiple
IRA, or SIMPLE IRA to a Roth IRA during 2016. Do not
accounts for a recipient for whom you are filing more than
include a rollover from one Roth IRA to another Roth IRA,
one Form 5498. Additionally, the IRS encourages you to
or a qualified rollover contribution under section 408A(e)
designate an account number for all Forms 5498 that you
from an eligible retirement plan (other than an IRA) to a
file. See part L in the 2016 General Instructions for Certain
Roth IRA. These rollovers are reported in box 2.
Information Returns.
Box 4. Recharacterized Contributions
Box 1. IRA Contributions (Other Than Amounts
Enter any amounts recharacterized plus earnings from
in Boxes 2–4, 8–10, 13a, and 14a)
one type of IRA to another.
Enter contributions to a traditional IRA made in 2016 and
through April 18, 2017, designated for 2016.
Box 5. Fair Market Value of Account
Enter the FMV of the account on December 31, 2016. For
Report gross contributions, including the amount
inherited IRAs, see Inherited IRAs, earlier.
allocable to the cost of life insurance (see box 6) and
including any excess contributions, even if the excess
Trustees and custodians are responsible for
contributions were withdrawn. If an excess contribution is
ensuring that all IRA assets (including those not
!
treated as a contribution in a subsequent year under
traded on established markets or with otherwise
section 219(f)(6), do not report it on Form 5498 for the
CAUTION
readily determinable market value) are valued annually at
subsequent year. It has already been reported as a
their fair market value.
contribution on Form 5498 for the year it was actually
contributed.
Box 6. Life Insurance Cost Included in Box 1
Also include employee contributions to an IRA under a
For endowment contracts only, enter the amount included
SEP plan. These are contributions made by the employee,
in box 1 allocable to the cost of life insurance.
not by the employer, that are treated as regular IRA
Box 7. Checkboxes
contributions subject to the 100% of compensation and
$5,500 ($6,500 for participants 50 or older) limits of
Check the appropriate box.
section 219. Do not include employer SEP IRA
IRA. Check “IRA” if you are filing Form 5498 to report
contributions or SARSEP contributions under section
information about a traditional IRA account.
408(k)(6). Instead, include them in box 8.
SEP. Check “SEP” if you are filing Form 5498 to report
Also, do not include in box 1 contributions to a SIMPLE
information about a SEP IRA. If you do not know whether
IRA (report them in box 9) and a Roth IRA (report them in
the account is a SEP IRA, check the “IRA” box.
box 10). In addition, do not include in box 1 rollovers and
recharacterizations (report rollovers in box 2 and
SIMPLE. Check “SIMPLE” if you are filing Form 5498 to
recharacterizations in box 4), or a Roth IRA conversion
report information about a SIMPLE IRA account. Do not
amount (report in box 3).
file Form 5498 for a SIMPLE 401(k) plan.
Roth IRA. Check “Roth IRA” if you are filing Form 5498 to
report information about a Roth IRA account.
-22-
Instructions for Forms 1099-R and 5498 (2016)
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