Reply To: Form 5498 line 7

Home Fairmark Forum Retirement Savings and Benefits Form 5498 line 7 Reply To: Form 5498 line 7

#15323
Alan S.
Participant

There is also a timing factor for the 5498. All SEP contributions are reported for the year in which they are made, while TIRA regular contributions are reported for the year FOR WHICH they are made. Recharacterized contributions (Boxes 4 and 7) are reported on a 5498 for the year the recharacterization is received. These variances explain why the IRS wants an explanatory statement for recharacterizations.