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I just recently received at Form 5498 from my broker for my IRA contributions. The form is for 2015 and it shows an amount that I attributed to my 2014 return.

Should this amount be on the 5498 for 2015 or 2014?

I queried the broker and they said the form is for any contributions made in the calendar year only, not a specific tax year.

Because it is an SEP-IRA, I never know quite how much I can contribute until all my taxes are done. So my 2015 contributions were made in late March 2016.

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From the instructions (for the form for year 2016):

(box 1) Shows traditional IRA contributions for 2016 you made in 2016 and through April 18, 2017.

The attribution is not reported, but the amounts are reported through the period of the eligibility, i.e.: not calendar year.

  • Thanks! That's the way I read it also. Not happy with my broker! – Peter K. Jun 1 '16 at 2:42
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After conferring with my accountant, the answer is that my broker is correct. For SEP-IRAs only, the required reporting is how much was contributed during the calendar year --- regardless of which tax year the amount was assigned to.

For IRA contributions, @littleadv's answer is correct. SEP-IRAs are handled differently.

This is covered in the Box 8. explanation:

Box 8. Shows SEP contributions made in 2016, including contributions made in 2016 for 2015, but not including contributions made in 2017 for 2016. If made by your employer, do not deduct on your income tax return. If you made the contributions as a self-employed person (or partner), they may be deductible. See Pub. 560

  • 1
    My credit union sends me a 5498-SA every year after April 15 (for my HSA), and each year it shows the contributions made during the calendar year, not the tax year that the contributions were applied. I've argued with the credit union in the past, but they insist that it is correct. It's best not to worry about what the bank is reporting too much, and just claim the correct amounts on your tax return. It doesn't make sense for the form to be sent after April 15, but not include the prior-year contributions, but the IRS doesn't need to make sense. – Ben Miller - Reinstate Monica Jun 2 '16 at 16:23
  • @BenMiller Interesting! Yes, I believe I'm reporting things correctly. My OCD just kicks in when the forms don't appear to match what I've reported. – Peter K. Jun 2 '16 at 16:51

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