Report IRA Contributions on Your Tax Return - Form 5498

IRA contributions are reported to you by January 31 via Form 5498 - what do you do with this form?

In most cases, Form 5498 and 5498-SA are informational forms which do not get reported on your income taxes and you should simply save these forms for your records.

However, if you have IRA contributions to add to your return in order to reduce your taxes, you can do this manually by adding your contribution to your eFile account. This should only be done for contributions that were not already reported on your W-2.

If you want to manually add forms, select Federal Taxes/Review on the left menu. Here, select I'd like to see all federal forms and enter “IRA” and the needed form(s) by selecting the "+ Add form" button and work through the questions. If you made IRA contributions that you paid with after-tax dollars and thus want to deduct your contribution, you can add the Traditional IRA contributions worksheet or the IRA Contribution Adjustment.

You can verify that your return has these forms going to My Account and selecting the PDF link next to Tax Year | In progress to view your draft return.

At any point, contact us with further questions if you are unsure of anything.

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