5498 for Roth contributions
Client moved custodians. Trying to figure out Roth contributions…
Does the 5498 show the contributions made to a Roth IRA for the prior year, if made in the current year for the prior tax year?
For example, 2021 Roth contribution made in January of 2022, for example. Would there be a way to see if the Roth contribution is for the current or prior year on the 5498? Or does this depend on the custodian?
Permalink Submitted by PaulC on Thu, 2024-03-21 15:27
A properly completed form 5498 should show all contributions made to that IRA (Traditional or Roth) that count for that year. That would include contributions made in the January 1 to April 15 timeframe that are made for the prior calendar year. That’s why final forms 5498 for a given year aren’t issued until May of the following year. Any form 5498 that an IRA custodian generates before then is still “tentative”.
You can’t tell from looking at the form 5498 whether the contributions were made during the calendar year or whether any were made during the Jan 1-Apr 15 period. That’s simply the information that’s included (or rather not included) on the form, not a custodian issue. The way to determine when contributions were made would be to look at the account statements or a journal of transactions that shows contributions. A common error is for contributions to be “coded” to the incorrect year during that Jan-Apr period. That can happen if directions for the contribution are not properly provided or received by the custodian.