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.
IBKR completes all the fields required by the IRS. Please note that box 12a RMD date and 12b RMD amount are not required by the IRS.
Box 11 on the form indicates that you must take a required minimum distribution (RMD) for all years after you have attained age 72. If you attained 72 years of age 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.
Your IRA's trustee/custodian must distribute 5498s to participants and the IRS no later than May 31 of each calendar year. The timing of this form is a result of contributions for the prior year be made up to the filing date of your income tax return (generally April 15).
Additional Information
- Year-end Tax forms for U.S. persons on our Webpage.