When to file IRS form 5498?

Specific instructions for Form 5498.

File Form 5498, IRA Contribution Information, with the IRS by May 31, 2011, for each person for whom in 2010 you maintained any individual retirement arrangement (IRA), including a deemed IRA under section 408(q).

An IRA includes all investments under one IRA plan. It is not necessary to file a Form 5498 for each investment under one plan. For example, if a participant has three certificates of deposit (CDs) under one IRA plan, only one Form 5498 is required for all contributions and the fair market values (FMVs) of the CDs under the plan. However, if a participant has established more than one IRA plan with the same trustee, a separate Form 5498 must be filed for each plan.Contributions. You must report contributions to any IRA on Form 5498. See the instructions under boxes 1, 2, 3, 4, 8, 9, 10, 13a, and 14a on pages 16 and 17. If no reportable contributions were made for 2010, complete only boxes 5 and 7, and boxes 11, 12a, and 12b, if applicable.

You are required to file Form 5498 even if required minimum distributions (RMDs) or other annuity or periodic payments have started.

Report contributions to a spousal IRA under section 219(c) on a separate Form 5498 using the name and taxpayer identification number (TIN) of the spouse.

For contributions made between January 1 and April 15, 2011, trustees and issuers should obtain the participant's designation of the year for which the contributions are made.

Go to the IRS.gov web site and use the search box for Form 5498 choose instructions a

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