Form 5498,"IRA Contribution Information", is an information form used to report contributions and rollovers to Traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs. Form 5498 also reports the Fair Market Value (FMV) of your IRA account as of year-end.

Please check Box 11 on the form, if you take a required minimum distribution (RMD) for all years after you have attained age 72. If you attained 72 years or older in the previous tax year, Federal law requires that you begin taking minimum distributions from your Traditional, Rollover or SEP IRA account(s) in the following calendar year.

Plan custodians must distribute 5498s to participants and the IRS no later than May 31 of each calendar year. The timing of this form is due to the fact that contributions for the prior year may be made up to the filing date of your return (April 15). For SEP IRA's contributions may be made up to the filing date of the return plus extensions.

In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in this FAQ was not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpayer.