Form 5498 reports all contributions, rollovers, and certain account details related to your M1 retirement accounts from the previous tax year. While you do not need this form to file your taxes, Form 5498 is sent to the IRS on your behalf as proof of contributions and activity in your IRA.
What is Form 5498?
Form 5498 is an IRS document showing retirement account activity for:
Traditional IRAs
Roth IRAs
SEP IRAs
You will receive a Form 5498 if you made a contribution or completed a rollover into an M1 IRA during the previous tax year.
Note: Form 5498 is typically available in your account by May 31 each year, which is after the annual individual income tax filing deadline (usually April 15).
You do not need Form 5498 to file your taxes, but it is important to keep for your records.
What information does Form 5498 show?
Box Number | Description | What It Reports |
Box 1 | IRA Contributions | Dollar amount of contributions to Traditional or Roth IRAs made for the tax year. |
Box 2 | Rollover Contributions | Amounts rolled over into the IRA from another retirement plan (e.g., 401(k), IRA). |
Box 3 | Roth IRA Conversions | Any funds converted from a Traditional or SEP IRA to a Roth IRA. |
Box 4 | Recharacterized Contributions | Amounts recharacterized or moved between IRA types (e.g., Traditional to Roth). |
Box 5 | Fair Market Value (FMV) of Account | Total value of your IRA account as of December 31 of the reporting year. |
Box 7 | IRA Type | Code showing the account type (e.g., SEP, Roth, or Traditional). |
Other boxes | Additional details (if applicable) | May include information about required minimum distributions (RMDs) or other activities. |
Tip: Always double-check the numbers on your form with your own records of contributions or rollovers.
How rollovers appear on Form 5498
Direct Rollovers/Transfers: The amount will appear in Box 2 (Rollover Contributions). These do not count toward your annual contribution limits.
Regular Contributions: Shown in Box 1 and count toward the annual contribution limit.
Conversions/Recharacterizations: Shown in Boxes 3 and 4. These actions have different tax implications—consult a tax professional if needed.
Frequently asked questions (FAQs)
Why did I receive a Form 5498 after filing my taxes?
Form 5498 is typically issued by May 31—after the tax deadline—because you can make IRA contributions for the previous year up to the tax filing deadline. The form is for your records only.
What if the contribution numbers don’t match my records?
If you notice a discrepancy, contact M1 Client Success as soon as possible to review your account activity.
Do rollovers count toward my contribution limit?
No. Rollovers reported in Box 2 do not count toward the annual contribution limit for IRAs.
Can I download my Form 5498?
Yes. When available (usually by May 31), you can download Form 5498 from the “Documents” section of your M1 account.
Is Form 5498 required for tax filing?
No. The IRS receives a copy directly. You do not need Form 5498 to complete your personal tax return.
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