Form 5498 Questions

Why did I receive Form 5498?

The IRS requires Edward Jones as an IRA custodian to report contributions, rollovers, conversions and recharacterizations received in a traditional, Roth, SEP or SIMPLE IRA. Form 5498 also reports the fair market value of your IRA account as of Dec. 31, 2015.

Do I need to attach Form 5498 to my tax return?

Form 5498 is for informational purposes only. You are not required to file it with your tax return; however, you may want to provide a copy to your tax preparer.

Why am I receiving my 2015 Form 5498 now?

As custodian for your retirement account, Edward Jones is required to provide your 2015 Form 5498 by May 31, 2016. This allows Edward Jones time to record any 2015 contributions made to your traditional or Roth IRA up to the April 15 income tax return filing deadline.

Why are some of my SEP and SIMPLE contributions not reported on my 2015 Form 5498?

Your 2015 Form 5498 reports SEP and SIMPLE contributions made from Jan. 1, 2015, through Dec. 31, 2015. Contributions made in 2016, whether designated for 2015 or 2016, will be reported on the 2016 Form 5498 that we will distribute in May 2017.

Why did I receive Form 5498 for my rollover from one IRA to another?

A rollover generally occurs when funds are removed from one IRA and deposited to another IRA within 60 days. The distribution from the original IRA was reported to the IRS on Form 1099-R. As custodian for the recipient IRA, we must report the rollover received on Form 5498. This will inform the IRS of the amount received.

I made an excess contribution to my IRA, which I then removed. Why does my Form 5498 reflect the full contribution amount?

Edward Jones is required to report the original contribution on Form 5498, even though it was later removed as an excess contribution. The excess removal will be reported to you and the IRS on Form 1099-R for the year it was removed.

I recharacterized a traditional IRA contribution to a Roth IRA contribution. Why does Form 5498 still report the original contribution?

Edward Jones is required to report the original IRA contribution on Form 5498, even though it was recharacterized to your Roth IRA. Form 1099-R reports the amount being removed from your traditional IRA, and Form 5498 reports the amount recharacterized into your Roth IRA.

Why did I not receive a Form 5498?

We send you a Form 5498 if one or more of the following activities occurred in your self-directed retirement account during the tax year:

  • A traditional, Roth, SEP or SIMPLE IRA contribution 
  • A rollover 
  • A recharacterization 
  • A conversion
  • The client passed away (in which case Form 5498 is mailed to the beneficiary)

If you believe you should have received a Form 5498, please contact your financial advisor.

What does the message “No Form 5498 for fair market value (FMV) only” mean?

If there was no reportable activity in your self-directed retirement account during the tax year, we will report only the fair market value of your account to the IRS on Form 5498. Reportable activity includes:

  • A traditional, Roth, SEP or SIMPLE IRA contribution 
  • A rollover
  • A recharacterization 
  • A conversion

The information concerning the fair market value of your IRA as of year-end will be reported to the IRS on Form 5498, but not to you. The fair market value of your IRA as of year-end is provided on your December statement.

More questions?

For tax questions, consult your tax professional. For investment-related questions, please contact your local financial advisor.

Important Information

Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.

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