Form 5498 IRA Contribution Information is information for your personal records and is not required to prepare your tax return. Taxpayers should retain this information for their personal records, but there are no tax consequences to the taxpayer until the funds are distributed from the account. When distributions are made, they are then reported on Form 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.  To report Form 1099-R in the TaxAct program, go to our Form 1099-R - 401(k) Distributions FAQ.

TaxAct^® does not support Form 5498.

For more information, see the Form 5498 Instructions.