Entering Information From Form 5498, Form 5498-ESA, and Form 5498-SA

The 5498 forms (5498, 5498-ESA, 5498-SA) provide information on a taxpayer’s account

Form 5498 provides information on a taxpayer’s Individual Retirement Account (IRA).
Form 5498-ESA provides information on a taxpayer’s Coverdell Education Savings Account (ESA).
Form 5498-SA provides information on a taxpayer’s Health Savings Account (HSA), Archer Medical Savings Account (Archer MSA), and Medicare Advantage Medical Savings Account (MS MSA).

These forms are not always relevant to the income tax return. The information may not have any tax consequence or reporting requirements for the taxpayer filing an individual income tax return.

 Where to enter information from Form 5498:

   

• Box 1 IRA contributions:
  • IRA contributions are entered on the IRA Contribution Worksheet accessible from SCH 1 Line 19.
• Box 2 Rollover contributions:
  • In a rollover where no 1099-R is received, the rollover contribution is not reported on the individual income tax return.         
  • In a rollover where Form 1099-R is received and the distribution code in Box 7 is G, no additional reporting is required on the individual income tax return. The 1099-R alone reports the rollover.
  • In an indirect rollover where Form 1099-R is received and the distribution code in Box 7 is not G, the rollover contributions amount may be useful in determining the taxable amount of the 1099-R. If 100% of the 1099-R amount was rolled over, check the Indirect Rollover box on Form 1099-R. If less than 100% of the 1099-R amount was rolled over, check the Indirect Rollover box and enter the amount that was rolled over.
    
    

    

• Box 3 Roth IRA conversion amount:
  • The amount converted is entered on Form 8606 Line 8.
• Box 4 Recharacterized contributions:
  • See IRS Publication 590 for reporting information.
• Box 5 Fair market value of account:
  • If the taxpayer has a distribution from a Traditional IRA and they have made non-deductible contributions to that Traditional IRA, the fair market value is used in calculating the taxable amount of the distribution. The fair market value of all accounts is entered on Form 8606 Line 6.
  • If there is not a distribution, the amount is not reported on the individual income tax return.
• Box 6 Life insurance cost included in Box 1:
  • The amount in Box 6 is subtracted from the amount in Box 1 in computing the IRA deduction.
• Box 8 SEP contributions:
  • If the contribution is made by an employer, it is not reported on the individual income tax return.
  • If the taxpayer made the contribution as a self-employed person, the contribution may be deductible on Form 1040 Line 28.
• Box 9 SIMPLE contributions:
  • If the contribution is made by an employer, it is not reported on the individual income tax return.
  • If the taxpayer made the contribution as a self-employed person, the contribution may be deductible on Form 1040 Line 28.
• Box 10 Roth IRA contributions:
  • Roth IRA contributions are entered on the IRA Contribution Worksheet accessible from Form 1040 Line 32.
• Boxes 11, 12a, 12b required minimum distribution:
  • These are informational for the taxpayer. If Box 11 is checked, the taxpayer must take a required minimum distribution (RMD) by the date in 12a of at least the amount in 12b. If the taxpayer fails to take the RMD, the penalty is calculated by completing Form 5329 Part VIII on that year's return.

 

Where to enter information from Form 5498-ESA:

   

• Box 1 Coverdell ESA contributions:
  • Contributions to a Coverdell ESA are not deductible and not reported on the individual income tax return.
• Box 2 Rollover contributions:
  • Generally, any amount rolled over from one Coverdell ESA to another Coverdell ESA for the benefit of the named beneficiary or a member of the beneficiary’s family who is under age 30 (except for a beneficiary with special needs) is not taxable, and is not reported on the individual income tax return.

 
 
Where to enter information from Form 5498-SA:

  

• Box 1 Archer MSA contributions:
  • Archer MSA contributions are reported on Form 8853 Section A Part I.

• Box 2 Total contributions made in the tax year:

  • This box shows the total contributions made during the tax year to the HSA, Archer MSA, or MA MSA (see account type in Box 6). MA MSA contributions are not required to be included in this box but maybe. This amount may include individual contributions, employer contributions, as well as other contributions such as rollovers. The IRS indicates that this is provided for IRS use only – the amount should not be relied upon for determining an individual’s possible deduction.
  • Contributions to an HSA are entered on Form 8889 Part I.
  • Contributions to an Archer MSA are entered on Form 8853 Section A Part I.
• Box 3 Total HSA or Archer MSA contributions made for the prior year:
  • This box shows the total contributions made after December 31^st for the prior year to the HSA or Archer MSA (see account type in Box 6). The IRS indicates that this is provided for IRS use only – the amount should not be relied upon for determining an individual’s possible deduction.
  • Contributions to an HSA are entered on Form 8889 Part I.
  • Contributions to an Archer MSA are entered on Form 8853 Section A Part I.
• Box 4 Rollover contributions:
  • Rollover contributions from an HSA are reported on Form 8889 Line 14b.
  • Rollover contributions from an Archer MSA are entered on Form 8853 Line 6b.
• Box 5 Fair market value of HSA, Archer MSA, or MA MSA:
  • Informational. This amount is not reported on the individual income tax return.
• Box 6 HSA, Archer MSA, or MA MSA:
  • This is the type of account. It does not get reported anywhere on its own, but may help determine where the other boxes are reported.