Form 5498

(includes 5498-ESA)

General Information

What is the purpose of a 5498?
When is the 5498 mailed?
Who receives a 5498?
Is a 5498 available online?

Frequently Asked Questions

If a 5498 was not received or was misplaced can a copy be sent?
Why was a 5498 form not sent?
Will a 5498 form be received for an IRA-to-IRA direct transfer?
Will a 5498 form be received for a Roth conversion?
Will Pacific Funds send a corrected 5498 if an excess withdrawal was taken?
If a purchase was coded incorrectly, can it be corrected?
How many IRA rollovers can I perform in a 12-month period?

Additional Information

Types of transfers
Distribution Codes
Contribution amounts
SEP and SIMPLE-IRAs

General Information

What is the purpose of a 5498?
A 5498 is an IRS tax form that reports year-end fair market value, contributions, conversions, rollovers, and recharacterizations for Traditional/Rollover IRAs, SEP-IRAs, SIMPLE IRAs, Roth IRAs, and Inherited IRAs. A 5498-ESA is an IRS tax form used to report contributions and rollover into a Coverdell Education Savings Account.

When is the 5498 mailed?
Pacific Funds is required to mail the 5498 to account owners by April 31 for Coverdell ESAs and by May 31 for IRAs (including Traditional, Rollover, SEP-IRA, SIMPLE, Roth IRA) of the year following the tax year being reported. Due to carryback contributions that can be made up until April 15 of the following year, the IRS does not require 5498s to be mailed until the dates above.
The 5498 is only for your records, although a copy can be provided to your tax advisor.

Who receives a 5498?
Any IRA, SEP-IRA, SIMPLE, Roth, Inherited IRA (if applicable one to the deceased, one to the beneficiary) and Coverdell ESA owner with a contribution, rollover, conversion, and/or recharacterization made during the prior calendar year.

Is a 5498 available online?
5498s cannot be accessed online at this time. Contact customer service toll-free at (800) 722-2333, option 2, to receive a copy of your 5498 via mail or fax.

Back to Top

Frequently Asked Questions

Q: If a 5498 was not received or was misplaced, can a copy be sent?
A:
A copy of the 5498 can be faxed or mailed to the account owner or the registered representative/assistant.

Q: Why was a 5498 form not sent?
A:
If an IRA, SEP, SIMPLE or Roth did not have a contribution, rollover, conversion, or recharacterization for the prior tax year, a 5498 will not be sent.

Q: Will a 5498 form be received for an IRA-to-IRA direct transfer?
A:
No, IRA-to-IRA direct transfers are not tax reportable; neither a 5498 nor 1099-R is generated.

Q: Will a 5498 form be received for a Roth conversion?
A:
Yes.

Q: Will Pacific Funds send a corrected 5498 if an excess withdrawal was taken?
A:
If you requested a withdrawal of an excess contribution, the excess contribution amount will still show on the 5498. Generally, a 5498 cannot be corrected. However, you will receive a 1099-R next January reflecting the excess contribution withdrawal.

Q. If a purchase was coded incorrectly, can it be corrected?
A:
Under certain circumstances, a 5498 can be corrected. A corrected 5498 will be mailed within eight business days. Contact customer service toll-free at (800) 722-2333, option 2, for additional assistance.

Q. How many IRA rollovers can I perform in a 12-month period?
A:
Current tax law only permits one rollover distribution for all IRAs within a 12-month period. For purposes of this one-rollover-per-year limitation, all of your IRAs (including Roth, SIMPLE, and SEP IRAs) are aggregated, so a rollover involving any one of them precludes a rollover involving any other account (except qualified plans) within the next year. If you have additional questions about this one-rollover-per-year limitation, please contact your tax advisor.

Back to Top

Additional Information

Types of Transfers

  • Transfer: A transfer of a qualified plan type to the same qualified plan type (i.e., IRA to IRA, TSA to TSA).
  • Rollover: A transfer of a qualified plan type between different plan types (i.e., 401(k) to IRA, TSA to IRA).

Distribution Codes
For specific information regarding distribution codes on your 5498, click the following link to be directed to the IRS web site:

http://www.irs.gov/pub/irs-pdf/f5498.pdf

Contribution Amounts

SEP and SIMPLE-IRAs:
A contribution to a SEP or SIMPLE-IRA account is always coded with the current tax year, regardless of the instructions received with a payment. Pursuant to IRS reporting guidelines, employer contributions to SEP and SIMPLE-IRAs are reported in the calendar year in which the contribution is received, not the fiscal year to which it is attributable. This matter should be discussed with your tax advisor to review the options that are available to you.

Contact customer service at (800) 722-2333, option 2, to receive a copy of your 5498 via fax or mail.

Back to Top