Contents -

Form 5498

NOTE

ANY INSTRUCTIONS CONTAINED HEREIN ARE ADVISORY ONLY.

REFER TO IRS INSTRUCTIONS FOR OFFICIAL INFORMATION.



Form 5498 - IRA Contribution Information

Form 5498 is submitted to the IRS for each person for whom in the current tax year you maintained any individual retirement arrangements (IRA), including a deemed IRA under section 408(q).

Account number (Required)
Enter any number assigned by the payer to the payee that can be used by the IRS to distinguish between information returns.  This number must be unique for each information return.  The account number is critical in the correction process, especially when more than one information return is filed for a payee.  MAG-FILER will automatically assign an account number if the field is blank.

TIN # (Required)
Enter the payee's valid 9-digit Taxpayer Identification Number (SSN or EIN, as appropriate).  Leave this field blank if the TIN# is unknown.   Any form filed containing an invalid identification number in this entry may be returned for correction.

SSN  (else EIN) (Required)
Check this box if the payee TIN # is a Social Security Number (SSN) of an individual.  Leave this box blank if the payee TIN # is an Employer Identification Number (EIN) of a business or an organization.

NOTE: Imbedded blanks, extraneous words, titles, and special characters ( i.e., Mr., Mrs., Dr., period [.], apostrophe [ ' ] should be removed from Payee Name Lines.  An ampersand (&) and a dash (- ) are the only acceptable special characters.  A comma ( , ) between last name and first name that is placed by MAG-FILER is also acceptable.

Name (Required)
Enter the name of the recipient belonging to the Taxpayer Identification Number (TIN).  If the TIN, is an SSN, enter as last name suffix, first, middle initial, e.g., Doe Jr., John A.).  If the TIN is an EIN, the name is entered as is.  Use the Second Name Field if additional space is required.

Second Name Field
If the payee name requires more space than is available in the name field, ENTER ONLY THE REMAINING PORTION OF THE NAME IN THIS ENTRY.  If there are multiple payees, this field may be used for those payees' names.  DO NOT USE THIS FIELD FOR ADDRESS INFORMATION. 

Address (Required)
Enter the payee's mailing address.  The address MUST be present.  This entry must not contain any data other than the payee's mailing address.

City (Required)
Enter the payee's city.   Do not enter state and zip code information in this entry.

State (Required)
Enter the abbreviation for the payee's state or foreign country.  You must use valid U.S. Postal Service state abbreviations for U.S. addresses.

Zip (Required)
Enter the payee's valid 9-digit zip code assigned by the U.S. Postal Service.

IRA Contributions:
Enter contributions (other than amounts in boxes 2-4 and 8-10) to a traditional IRA made in 2007 and through April 16, 2008, designated for 2007.

Report gross contributions, including the amount allocable to the cost of  life insurance (check amt in "Life insurance cost included in IRA contributions") and including any excess contributions, even if the excess contributions were withdrawn. If an excess contribution is treated as a contribution in a subsequent year, do not report it on Form 5498 for the subsequent year.  It has already been reported as a contribution on Form 5498 for the year it was actually contributed.

Also include employee contributions to an IRA under a SEP plan.  These are contributions made by the employee, not by the employer, that are treated as regular IRA contributions subject to the 100% of compensation and $4,000 ($5,000 for participants 50 or older) limits of section 219.  Do not include employer SEP IRA contributions or SARSEP contributions under section 408(k)(6).  Instead, include them in SEP contributions.

Also, do not include in this field contributions to a Simple IRA (report them in the Simple contributions field) and a Roth IRA (report them in the Roth IRA contributions field).  In addition, do not include in this field rollovers and recharacterizations (report rollovers in the Rollover contributions field) and recharacterizations in the Recharacterizations contributions field), or a Roth IRA conversion amount (report in the Roth IRA conversion field).

Rollover Contributions:
Enter any Rollover contributions to any IRA received by you during 2007.  Include a direct rollover from a qualified plan (including a governmental section 457(b) plan) or 403(b) plan to an IRA.  For the rollover of property, enter the FMV of the property on the date you receive it.  This value may be different from the value of the property on the date it was distributed to the participant.

Roth IRA Conversion Amount:
The amount converted or reconverted from a traditional IRA, SEP IRA, or Simple IRA to a Roth IRA during 2007.  Do not include a rollover from one Roth IRA to another Roth IRA.  Include a rollover in Rollover contributions.

Recharacterized Contributions:
The amount recharacterized plus earnings from one type of IRA to another.

Fair Market Value of Account: 
The fair market value of the account on December 31.

Life Insurance Cost Included in IRA :
For endowment contracts only, enter the amount included in IRA contributions allocable to the cost of life insurance.

CHECKBOXES - IRA, SEP, SIMPLE, Roth IRA
Check the appropriate box.
 
IRA: (Optional)
Check IRA if you are filing Form 5498 to report information about a traditional IRA account.

SEP: (Optional)
Check SEP if you are filing Form 5498 to report information about a SEP IRA account.  If you do not know whether the account is a SEP IRA, check the IRA box.

SIMPLE: (Optional)
Check SIMPLE if you are filing Form 5498 to report information about a SIMPLE IRA account.  Do not check this box for a SIMPLE 401(k) plan.  See section 408(p).

Roth IRA: (Optional)
Check Roth IRA if you are filing Form 5498 to report information about a Roth IRA account.

SEP Contributions:
Employer contributions to a SEP IRA (including salary deferrals under a  SARSEP) made during 2007 including contributions made in 2007 for 2006, but not including contributions made in 2008 for 2007. Do not enter employee contributions to an IRA under a SEP plan.  Report any employee contributions to an IRA under a SEP plan in the IRA contributions field.  Also include in this field SEP contributions made by a self-employed person to his or her own account.

SIMPLE Contributions:
Any contributions made to a SIMPLE IRA during 2007.  Do not include contributions to a SIMPLE 401(k) plan.

Roth IRA Contributions:
Any contributions made to a Roth IRA in 2007 and through April 16, 2008, designated for 2007.  However, report Roth IRA conversion amounts in the Roth IRA conversion field.

Required minimum distribution checkbox
Check this box if the participant must take a required minimum distribution (RMD) in 2008.

Special
This area may be used to record information for state or local government reporting or for the filer's own purposes. Enter "CFS" and state abbreviation if the working state is different from the residence for combined Federal/State filing.

Select Print
Check this box to select specific payees for printing.

Corrected Return
Check this box if this entry is a corrected return.  This is only used IF YOU HAVE ALREADY SUBMITTED MAGNETIC MEDIA FILING and wish to print or file corrected returns.  NOTE: The same account number reported on the original must also be on the corrected record.