Do I need to report 5498 IRA contribution form with rollover amount for traditional IRA on my tax return?

Form 5498 is an informational form that reports your IRA contributions to the IRS. You don't actually need to attach it to your tax return, but you do need to report the information on it correctly. If the form shows a rollover, that's different from a regular contribution. A rollover typically means you moved money from one retirement account to another. If you did a direct rollover (from one custodian to another), it's generally not taxable and doesn't need to be reported on your return. However, if you did an indirect rollover (where you received the money first and then deposited it into another IRA within 60 days), you'll need to report it on your return to show it was properly rolled over, even though it's not taxable. The form should indicate in Box 2 if it was a rollover. If you're not sure what happened, contact your IRA custodian for clarification before filing.

I spent hours trying to figure out the exact same issue with my 5498 form last year. Nothing made sense until I used https://taxr.ai to analyze my tax documents. The tool immediately recognized my 5498 form and explained that rollover amounts don't count against contribution limits and don't need to be reported as income. What was really helpful is that it showed me exactly where on my tax return this information belonged (or didn't belong). It saved me from potentially over-reporting income from a rollover that wasn't actually taxable. They have this feature where they can look at all your tax docs at once and tell you what's missing or if there are contradictions.

I wanted to update after trying https://taxr.ai for my IRA rollover confusion. Definitely changed my mind about the service! I uploaded my 5498 form and a few other tax documents, and within minutes got a detailed explanation of how my rollover worked. Turns out I was about to double-report some income that would have triggered a potential audit flag. What surprised me was how it caught a discrepancy between my 1099-R and the 5498 that I completely missed. The rollover amount on one didn't match the other by a small amount, and it explained why (some fee had been deducted during the transfer). Seriously saved me from what would have been a headache later. Glad I gave it a shot despite my initial skepticism.

If you're still struggling to get clear answers about your 5498 form, you might want to speak directly with an IRS agent. I was in the same boat last year - spent hours researching and still wasn't 100% confident. I used https://claimyr.com to get through to an actual IRS representative after failing to reach anyone for days. Their system held my place in the phone queue so I didn't have to wait on hold. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c. The IRS agent I spoke with clarified that my rollover didn't need to be reported as income and explained exactly how to handle it on my return. For something as potentially significant as an IRA rollover, getting official confirmation directly from the IRS gave me peace of mind.

I need to eat my words about Claimyr. After continuing to struggle with understanding my IRA rollover situation, I decided to try it despite my skepticism. I was shocked when I actually got a call back and was connected to an IRS representative in about an hour. The agent walked me through exactly how to report my rollover and confirmed that the 5498 was informational only. They explained that while I don't attach the 5498 to my return, I should keep it with my records as proof of the rollover. The agent also pointed out that my 1099-R from the distributing institution should have a code in Box 7 indicating it was a rollover, which was crucial information none of my research had uncovered. Definitely worth the time saved compared to my previous failed attempts to reach someone.

One thing nobody's mentioned yet - check if your rollover was a direct trustee-to-trustee transfer. If it was, you might not even have received a 1099-R form because those often don't need to be reported at all. I learned this the hard way after spending hours trying to figure out where to report a transfer on my return. Also, form 5498 is typically issued in May for the previous tax year, so the one you're looking at might actually be for last year's contributions/rollovers. Just something to consider if the timing seems off.

Don't forget to check if you already paid taxes on the money that was rolled over! I messed this up once. If you made after-tax contributions to your previous retirement account and then rolled those over, you need to make sure you're not taxed on that money again. Form 8606 is your friend here. It tracks the non-deductible contributions you've made to traditional IRAs over time. If any of your rollover came from after-tax money, you'll need this form to avoid double taxation.

Form 8606 can be tricky, but it's manageable once you understand what it's tracking. The form essentially keeps a running total of your "basis" - the after-tax money you've contributed to traditional IRAs over the years that you shouldn't be taxed on again. If you're concerned about past years, you can file amended returns using Form 1040X if you discover you've been double-taxed on after-tax contributions. The IRS typically allows you to go back three years to claim refunds for overpaid taxes. For your current situation with the rollover, if any portion came from after-tax contributions (like from a 401k with after-tax money), you'll definitely need Form 8606. Your plan administrator should have provided documentation showing the pre-tax vs. after-tax portions of your rollover. If you can't find this information, contact them directly - they're required to track this for you. Most tax software will prompt you for Form 8606 if you indicate you have basis in traditional IRAs, but you might need to look for it in the "less common forms" or "additional forms" section.