IRS Form 5498

Why did I receive a Form 5498? Federal law requires TIAA-CREF to report deductible and nondeductible contributions, conversions, recharacterizations and rollovers you make to your Individual Retirement Account (IRA) during a given tax year. This applies to both a Traditional IRA as well as a Roth IRA (you will receive one Form 5498 for each IRA account to which you make contributions). There are two Form 5498 mailings; the first form mailing, due January 31st in the following year, covers all current year contributions from January 1 to December 31 of the previous year, and the second form mailing, due May 31st in the following year, covers all prior year contributions made from January 1 to April 15 (or tax filing deadline). In addition, Form 5498 also reports the Fair Market Value (FMV) of your IRA contract(s) as of December 31 of that tax year’s end.
 

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Why is there a check in box 11 of Form 5498? This is to alert you to take a required minimum distribution (RMD) for all years, after you have attained age 70½.

If you attained 70½ years of age or older in the previous tax year, Federal law requires that you begin taking minimum distributions from your TIAA-CREF Traditional, Rollover or SEP IRA account(s) in the following calendar year. When you are taking your first payment in the calendar year after you turn 70½, two distributions are required for that year. The first payment must be taken by April 1 and the second by December 31. Your total annual required distribution must be withdrawn by December 31 of the following year.

TIAA-CREF's Minimum Distribution Option (MDO) will automatically calculate and distribute your required withdrawals each year to keep you in compliance with the IRS rules. You can also request a calculation of the amount of your required minimum distribution by calling us at 800 842-2252, weekdays from 8 a.m. to 10 p.m. and Saturdays from 9 a.m. to 6 p.m. (ET).

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What are the IRA contribution limits? Generally, contributions are based on earned income. Earned income includes all the taxable income and wages you received from working. In addition, a phased-out income level may further reduce the contribution limits. For a custom contribution limit calculation, please see the IRA Eligibility and Contribution Limits Calculator.

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I received a refund of an IRA Excess Contribution, but Form 5498 still reflects my entire contribution. Will I receive a revised Form 5498? No. TIAA-CREF is required to report the entire contribution including the excess contribution amount to the IRS. The Form 5498 does not report withdrawals or refunds from an IRA; however, you will receive IRS Form 1099-R to reflect that your IRA Excess Contribution was refunded or applied to next year’s contribution.

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My Brokerage IRA information was not listed on Form 5498. When will I receive this information? By May 31st you will receive a separate Form 5498 from Pershing LLC (the custodian for TIAA-CREF Brokerage IRAs). For more information please call TIAA-CREF Brokerage Services at 800 927-3059.

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Do I have to attach Form 5498 to my income tax return? No. You are not required to do anything with Form 5498 because it is for your informational purposes only. Please be sure to keep this form for your records, as you will need this information to calculate your taxable income when you decide to take distributions from your IRA.

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How do I determine the basis of my IRA? If this is your first year to contribute into an IRA, your basis begins with zero. Otherwise, review your life-to-date contributions (under plan contributions) on the secure section of your account. If you have had any rollovers into your account, TIAA-CREF will not have your basis on file. Please refer to your annual IRS Form 8606 to retrieve your basis. For further details, please reference IRS Publication 590.

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How do I determine the nondeductible amount of my IRA? File IRS Form 8606 to determine the taxable amount of a Traditional or Roth IRA. You are required to complete IRS Form 8606 if you:

  • Remitted nondeductible IRA contributions
  • Converted IRA funds
  • Recharacterized IRA funds
  • Received distribution(s) of nondeductible IRA funds
  • Received Roth IRA distribution(s) (qualified and nonqualified)
  • Received first-time homebuyer distributions of up to $10,000 of the expenses from the Roth IRA contract

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How do I determine the taxable amount of my conversion? IRS Form 8606 is used to determine the taxable amount due to a conversion. On Form 8606, you must enter the amount of the conversion, the original amount of any recharacterized funds, and your basis in the conversion. Your conversion and recharacterization confirmation statement(s), along with your quarterly statement(s), contain the information necessary to help you complete this form. Please see Part II of Form 8606 for detailed instructions.

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How do I read Form 5498? In order to provide you with a more comprehensive view of all your IRA information, we have redesigned our Form 5498. Please see TIAA-CREF Walks You through IRS Form 5498 For IRA Contributions.

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Where can I find specific information regarding Form 5498? The instructions included with the U.S. Individual Income Tax Return (IRS Form 1040 or 1040A) and IRS Publication 590, Individual Retirement Arrangements (IRAs), give additional information on reporting requirements for your IRA. You may obtain this information by calling the IRS at 800 829-1040 or by visiting www.irs.gov.

If you have additional questions, call us at 800 842-2252 weekdays from 8 a.m. to 10 p.m. and Saturdays from 9 a.m. to 6 p.m. (ET).

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Can I view Form 5498 online? If you have signed up for eDelivery, then Yes. You can log into your account to view your tax forms. After logging in, select eStatements & Reports under the Manage My Portfolio tab. Tax forms become available by January 31st of each year. Even if you’ve selected electronic delivery of your tax reporting form, TIAA-CREF is required to send you a copy by mail.

If you don’t have a user ID and password for online access, click Register for Online Access on the homepage.
 

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