Reporting information from Form 5498 in ProSeries

You need to report the information for Form 5498 in ProSeries.

ProSeries doesn't have a 5498 Worksheet

The IRS requires companies that maintain any individual retirement arrangement (IRA) to file a Form 5498, including a Deemed IRA under section 408(q) in the tax year. The taxpayer isn't required to attach this form to their tax return.

For taxpayers, Form 5498 is informational only. The information they need to report on their tax return can be found on Form 1099-R.

They may only need the fair market value (FMV) if they're filing Form 8606 to report non-deductible IRA contributions, or to find the taxable amount of the distributions.

See government instructions for Form 8606 for more information.

Additional information:

• Form 5498
• Form 1099-R
• Form 5498 and Form 1099-R Instructions