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2024

Instructions for Forms

otherwise noted.

For the latest information about developments related to

Forms 1099-R and 5498 and their instructions, such as

legislation enacted after they were published, go to IRS.gov/

Form1099R or IRS.gov/Form5498.

Automatic rollover amount increased. Beginning January

1, 2024, the automatic rollover amount has increased from

$5,000 to $7,000. See Automatic rollovers, later.

distribution is made on or before the due date (including

extensions) of the income tax return. See

Corrective

Distributions for more information.

nated Roth matching contributions. The SECURE 2.0 Act

of 2022 permits certain nonelective contributions and

matching contributions that are made after December 29,

2022, to be designated as Roth contributions.

Distributions for emergency personal expenses. For

immediate financial needs relating to necessary personal or

family emergency expenses. There are certain limits that

apply for emergency personal expense distributions (one per

calendar year, dollar limits of generally not more than $1,000,

and limits on subsequent distributions). You may repay

emergency personal expense distributions at any time during

the 3-year period beginning on the day after the date on

which you received the distribution. For more information,

see

Notice 2024-55.

plan that is no greater than $10,000 (indexed for inflation)

and is made during the 1-year period beginning on any date

on which you are the victim of domestic abuse by a spouse or

domestic partner. You may repay this distribution at any time

during the 3-year period beginning on the day after the date

on which you received the distribution. For more information,

see

Distributions to terminally ill individuals. The exception

to the 10% additional tax for early distributions is expanded to

Disaster-Related Relief in Pub. 590-B, Distributions From

Individual Retirement Arrangements (IRAs).

The age for RMDs was increased to 73 by the SECURE 2.0

Act of 2022. For more information, see RMDs, later.

In addition, see the current General Instructions for Certain

Information Returns for information on the following topics.

Instructions for Certain Information Returns at IRS.gov/

1099GeneralInstructions or go to IRS.gov/Form1099R or

IRS.gov/Form5498.

E-filing returns. The Taxpayer First Act of 2019 authorized

the Department of the Treasury and the IRS to issue

regulations that reduce the 250-return e-file threshold. T.D.

9972, published February 23, 2023, lowered the e-file

threshold to 10 (calculated by aggregating all information

returns), effective for information returns required to be filed

on or after January 1, 2024. Go to

additional information and updates.

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Online fillable forms. To ease statement furnishing

requirements, Copies B, C, 1, and 2 have been made fillable

online in a PDF format available at IRS.gov/Form1099R and

IRS.gov/Form5498. You can complete these copies online for

section 529 account to a Roth IRA for the beneficiary, under

certain conditions (for example, such rollover must be paid

through a direct trustee-to-trustee transfer, are subject to the

Roth IRA annual contribution limit and a $35,000 lifetime limit,

and must be from a section 529 account that has been open

for more than 15 years). Such rollovers are reported on Form

5498 as Roth IRA contributions and not as rollover

contributions.

Roth SEP IRAs and Roth SIMPLE IRAs. For tax years

beginning after December 31, 2022, a simplified employee

Under section 6050Y and the

regulations thereunder, a payer must report reportable death

benefits paid after December 31, 2018, in connection with a

life insurance contract transferred after December 31, 2018,

1192, available at

IRS.gov/irb/2008-26_IRB#ANN-2008-56.

Instructions for Forms 1099-R and 5498 (2024)

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Charitable gift annuities. If cash or capital gain property is

donated in exchange for a charitable gift annuity, report

distributions from the annuity on Form 1099-R. See

Charitable gift annuities, later.

Report payments of matured or redeemed annuity,

are reporting the surrender of a life insurance contract, see

additional tax under section 72(t). See

Cost of current life

insurance protection, later.

insurance contract against the cash value of an annuity

contract or the cash surrender value of a life insurance

contract, which is excludable from gross income under

section 72(e)(11). See

under the old contract, or for an annuity contract, or for a

qualified long-term care insurance contract; (c) an annuity

contract for an annuity contract or for a qualified long-term

care insurance contract; or (d) a qualified long-term care

insurance contract for a qualified long-term care insurance

contract. A contract shall not fail to be treated as an annuity

contract or as a life insurance contract solely because a

qualified long-term care insurance contract is a part of, or a

rider on, such contract. However, the distribution of other

property or the cancellation of a contract loan at the time of

exchange, as defined above, that does not result in a

designated distribution; and (c) the company maintains

adequate records of the policyholder's basis in the contracts.

For example, a life insurance contract issued by Company X

received in exchange solely for another life insurance

contract previously issued by Company X does not have to

be reported on Form 1099-R as long as the company

maintains the required records. See Rev. Proc. 92-26, 1992-1

C.B. 744, for certain exchanges for which reporting is not

required under section 6047(d). Also, see Rev. Rul. 2007-24,

2011-30_IRB#RP-2011-38.

1035 exchange constitutes a reportable policy sale in limited

circumstances. Death benefits paid by reason of the death of

the insured under the life insurance contract issued in such

circumstances are reportable death benefits that must be

reported on Form 1099-R.

the IRA are treated as distributed on the first day of the tax

year in which the prohibited transaction occurs. IRAs that

hold non-marketable securities and/or closely held

investments, in which the IRA owner effectively controls the

underlying assets of such securities or investments, have a

greater potential for resulting in a prohibited transaction.

Enter Code 5 in box 7.

An employer offering a section 401(k), 403(b), or

401(k) plan must meet the requirements of Regulations

section 1.401(k)-1(f) (Regulations section 1.403(b)-3(c) for a

section 403(b) plan). In addition, a designated Roth account

may include certain nonelective contributions or matching

contributions that a participant designates as Roth

contributions. Under the terms of the section 401(k) plan,

section 403(b) plan, or governmental section 457(b) plan, the

designated Roth account must meet the requirements of

section 402A.

A separate Form 1099-R must be used to report the

made, is treated as includible in gross income for purposes of

applying section 72(t) to the distribution. The total amount

allocable to such an IRR is reported in box 10. See the

instructions for

Years, later. An IRR is a rollover within a retirement plan to a

designated Roth account in the same plan. See Notice

2010-84, 2010-51 I.R.B. 872, available at

2010-51_IRB#NOT-2010-84, as modified by Notice 2013-74,

and savings incentive match plan for employees (SIMPLE)

IRAs, however, may not be used as deemed IRAs.

Deemed IRAs. For more information on deemed IRAs in

qualified employer plans, see Regulations section 1.408(q)-1.

Instructions for Forms 1099-R and 5498 (2024)

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IRAs other than Roth IRAs. Unless otherwise instructed,

distributions from any IRA that is not a Roth IRA must be

reported in boxes 1 and 2a. Check the “Taxable amount not

determined” box in box 2b. But see:

IRA Revocation or Account Closure, later, for reporting IRA

revocations or account closures due to Customer

Identification Program failures; and

Traditional, SEP, or SIMPLE IRA, later, for reporting a

transfer from a SIMPLE IRA to a non-SIMPLE IRA within the

first 2 years of plan participation.

to distributions from any IRA. However, taxable distributions

from traditional IRAs and SEP IRAs may be rolled over into

recipient, unless you must enter different codes in box 7. You

do not have to file a separate Form 1099-R for each

distribution under the plan.

Roth IRAs. For distributions from a Roth IRA, report the

gross distribution in box 1 but generally leave box 2a blank.

Check the “Taxable amount not determined” box in box 2b.

Enter Code J, Q, or T, as appropriate, in box 7. Do not use

any other codes with Code Q or Code T. You may enter Code

8 or P with Code J. For the withdrawal of excess

contributions, see

that is later revoked or closed, and a distribution is made to

the taxpayer, enter the gross distribution in box 1. If no

earnings are distributed, enter 0 (zero) in box 2a and Code 8

in box 7 for a traditional IRA and Code J for a Roth IRA. If

earnings are distributed, enter the amount of earnings in

Instructions for Forms 1099-R and 5498 (2024)

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2008-12_IRB#NOT-2008-30, which has been amplified and

clarified by Notice 2009-75, 2009-39 I.R.B. 436, available at

IRS.gov/irb/2009-39_IRB#NOT-2009-75, for questions and

answers covering rollover contributions to Roth IRAs.

any portion of the balance to the credit of the employee

(including net unrealized appreciation (NUA)) from a qualified

plan, a section 403(b) plan, or a governmental section 457(b)

plan except the following.

payments made at least annually over:

401(a)(9). A plan administrator is permitted to assume there

is no designated beneficiary for purposes of determining the

minimum distribution.

employee contributions (including earnings on each) returned

because of the section 415 limits.

section 402(g)) and earnings.

section 402(c)(3)(C) and Regulations section 1.402(c)-2,

Q/A-9 and

Plan Loan Offsets, later.

employee's surviving spouse, a spouse or former spouse

who is an alternate payee under a QDRO, or a nonspouse

designated beneficiary.

Any hardship distribution.

A permissible withdrawal under section 414(w).

Prohibited allocations of securities in an S corporation

that are treated as deemed distributions.

Automatic rollovers. Eligible rollover distributions may also

include involuntary distributions that are more than $1,000

but not more than $7,000 and are made from a qualified plan

to an IRA on behalf of a plan participant. Involuntary

distributions are generally subject to the automatic rollover

provisions of section 401(a)(31)(B) and must be paid in a

direct rollover to an IRA, unless the plan participant elects to

have the rollover made to another eligible retirement plan or

to receive the distribution directly.

Reporting a direct rollover. Report a direct rollover in

box 1 and a 0 (zero) in box 2a, unless the rollover is a direct

rollover of a qualified rollover contribution other than from a

designated Roth account. See

Qualified rollover contributions

as defined in section 408A(e), later. You do not have to report

capital gain in box 3 or NUA in box 6. Enter Code G in box 7

unless the rollover is a direct rollover from a designated Roth

account to a Roth IRA. See Designated Roth accounts, later.

rolled.

distributed to the recipient, prepare two Forms 1099-R.

rollovers, see Notice 2014-54, 2014-41 I.R.B. 670, available

at IRS.gov/irb/2014-41_IRB#NOT-2014-54.

including substantially equal periodic payments, RMDs, and

plan loan offset amounts, see Regulations sections

1.402(c)-2 and 1.403(b)-7(b). See Rev. Rul. 2014-9, 2014-17

Instructions for Forms 1099-R and 5498 (2024)

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For information on distributions of amounts

attributable to rollover contributions separately

accounted for by an eligible retirement plan and if

permissible timing restrictions apply, see Rev. Rul. 2004-12,

2004-7 I.R.B. 478, available at IRS.gov/irb/

2004-07_IRB#RR-2004-12, as modified by Notice 2013-74.

designated Roth account may only be made to another

designated Roth account or to a Roth IRA. A distribution from

a Roth IRA, however, cannot be rolled over into a designated

if a participant's balance in the designated Roth account is

less than $200, the plan is not required to offer a direct

rollover election or to apply the automatic rollover provisions

to such balance.

qualified distribution is tax free. A qualified distribution is a

payment that is made both after age 59

/2 (or after death or

disabililty) and after the 5-tax-year period that begins with the

over into a designated Roth account under another plan, the

rollover must be accomplished by a direct rollover. Any

portion not includible in gross income that is distributed to the

employee, however, cannot be rolled over to another

designated Roth account, though it can be rolled over into a

Roth IRA within the 60-day period described in section

402(c)(3). In the case of a direct rollover, the distributing plan

is required to report to the recipient plan the amount of the

investment (basis) in the contract and the first year of the

5-tax-year period, or that the distribution is a qualified

is from one designated Roth account to another designated

Roth account, also enter Code G in box 7.

plan, a section 403(b) plan, or a governmental section 457(b)

plan to a designated Roth account in the same plan, enter

the amount rolled over in box 1, the taxable amount in box 2a,

and any basis recovery amount in box 5. Use Code G in

box 7.

designated Roth matching contributions for the year in which

section 408A(e) is:

meets the requirements of section 408(d)(3), or

Instructions for Forms 1099-R and 5498 (2024)

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later. A conversion of a traditional IRA to a Roth IRA, and a

rollover from any other eligible retirement plan to a Roth IRA,

made in the participant’s tax years beginning after December

31, 2017, cannot be recharacterized as having been made to

a traditional IRA.

Section 1035 exchange. You may have to report

exchanges of insurance contracts, including an exchange

under section 1035, under which any designated distribution

may be made. For a section 1035 exchange that is in part

trustee-to-trustee transfer from a SIMPLE IRA to an IRA that

is not a SIMPLE IRA during the 2-year period beginning on

the day contributions are first deposited in the individual's

SIMPLE IRA by the employer. Use Code S in box 7, if

appropriate.

Transfer of an IRA to spouse. If you transfer or

re-designate an interest from one spouse's IRA to an IRA for

the other spouse under a divorce or separation instrument,

the transfer or re-designation, as provided under section

408(d)(6), is tax free. Do not report such a transfer on Form

1099-R.

section 408(k)(6). You must also report on Form 1099-R

corrective IRA distributions made under section 408(d)(4).

Excess contributions that are recharacterized under a section

401(k) plan are treated as distributed. Corrective distributions

must include earnings through the end of the year in which

the excess arose. These distributions are reportable on Form

1099-R and are generally taxable in the year of the

distribution (except for excess deferrals under section

402(g)). Enter Code 8 or P in box 7 (with Code B, if

applicable) to designate the distribution and the year it is

distributions, see Table 1; Notice 89-32, 1989-1 C.B. 671;

Notice 88-33, 1988-1 C.B. 513; Notice 87-77, 1987-2 C.B.

385; and the regulations under sections 401(k), 401(m),

402(g), and 457.

Excess deferrals. Excess deferrals under section 402(g)

can occur in section 401(k) plans, section 403(b) plans, or

SARSEPs. If distributed by April 15 of the year following the

year of deferral, the excess is taxable to the participant in the

year of deferral (other than designated Roth contributions),

limits. Corrective distributions of excess deferrals are not

subject to federal income tax withholding or social security

and Medicare taxes. For losses on excess deferrals, see

Losses, later. See Regulations section 1.457-4(e) for special

rules relating to excess deferrals under governmental section

457(b) plans.

Excess contributions. Excess contributions can occur in a

section 401(k) plan or a SARSEP. All distributions of the

excess contributions plus earnings (other than designated

Roth contributions), including recharacterized excess

was made that the participant must withdraw the excess and

earnings. All distributions from a SARSEP are taxable in the

year of distribution. An excess contribution not withdrawn by

April 15 of the year after the year of notification is considered

a regular IRA contribution subject to the IRA contribution

limits.

Instructions for Forms 1099-R and 5498 (2024)

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apply to an IRA distribution made pursuant to the rules of

section 408(d)(4), consisting of a return of a contribution for

that year and any earnings allocable to the contribution, as

long as the distribution is made on or before the due date

(including extensions) of the income tax return.

Regulations have not been updated for SARSEPs.

Excess aggregate contributions. Excess aggregate

not includible in gross income (other than earnings) to the

extent that it represents designated Roth contributions. See

Treas. Reg. section 1.401(m)-2(b)(2)(vi)(C). Report the gross

distribution in box 1 of Form 1099-R. In box 2a, enter the

excess and earnings distributed less any after-tax

contributions.

Losses. If a corrective distribution of an excess deferral is

made in a year after the year of deferral and a net loss has

been allocated to the excess deferral, report the corrective

distribution amount in boxes 1 and 2a of Form 1099-R for the

in the year of deferral, and they may report a loss on the tax

return for the year the corrective distribution is made.

The procedure for correcting excess annual additions under

section 415 is explained in the latest EPCRS revenue

procedure in section 6.06 of Rev. Proc. 2021-30, 2021-31

I.R.B. 172, available at

PROC-2021-30.

section 72(t).

than designated Roth contributions) and employee

contributions (and earnings attributable to such elective

deferrals and employee contributions) on the same Form

1099-R. However, if you made other distributions during the

year, report them on a separate Form 1099-R. Because the

distribution of elective deferrals (other than designated Roth

contributions) is fully taxable in the year distributed (no part of

the distribution is a return of the investment in the contract),

the employee contributions (or designated Roth

contributions) being returned in box 5. Enter Code E in box 7.

For more information, see Rev. Proc. 92-93, 1992-2 C.B. 505.

EPCRS. Also, special Form 1099-R reporting is available for

certain plan loan failures. See section 6.07 of

2021-30 for details.

deferrals), and the earnings on them, under SEP, SARSEP, or

SIMPLE IRA plans are returned to an employer (with the

participant's consent), enter the gross distribution (excess

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the time the loan is made or later if the loan is not repaid in

accordance with the repayment schedule.

amount that exceeds the amount permitted to be loaned is a

The distribution is not subject to the 10% additional tax

under section 72(t), indicated by reporting Code 2 in box 7;

and

The distribution must be elected by the employee no later

than 90 days after the first default elective contribution under

the EACA, as specified in Regulations section 1.414(w)-1(c)

(2).

Code B as well as Code 2 in box 7.

If you filed a Form 1099-R with the IRS and later discover that

there is an error on it, you must correct it as soon as possible.

rollover and file a new Form 1099-R reporting the RMD as if it

had been distributed to the participant. See part H in the

current General Instructions for Certain Information Returns,

or Pub. 1220, if filing electronically.

payment of reportable death benefits, you must file a

corrected return within 15 calendar days of recovering any

portion of the reportable death benefits from the reportable

death benefits payment recipient as a result of the rescission

of the reportable policy sale.

The payer, trustee, or plan administrator must file Form

1099-R using the same name and employer identification

number (EIN) used to deposit any tax withheld and to file

Form 945, Annual Return of Withheld Federal

Income Tax.

If you make a distribution to a beneficiary, trust, or estate,

prepare Form 1099-R using the name and TIN of the

beneficiary, trust, or estate, not that of the decedent. If there

amount and income are paid to a new beneficiary or

segregated in a separate account. A qualified disclaimer may

be made after the beneficiary has previously received the

RMD for the year of the decedent's death. For more

information, see Rev. Rul. 2005-36, 2005-26 I.R.B. 1368,

available at

IRS.gov/irb/2005-26_IRB#RR-2005-36.

Distributions to an alternate payee who is a spouse or former

spouse of the employee under a QDRO are reportable on

Instructions for Forms 1099-R and 5498 (2024)

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Instructions for Forms 1099-R and 5498 (2024)

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Guide to Distribution Codes

/2 or older and they

Stock, other ownership interest in a corporation, short- or long-term debt

Ownership interest in a limited liability company (LLC), partnership, trust, or

Real estate;

Instructions for Forms 1099-R and 5498 (2024)

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Guide to Distribution Codes

The participant is disabled.

/2, and none of the exceptions under

The participant died, or

The participant is disabled.

File Form 5498, IRA Contribution Information, with the IRS by

May 31, 2025, for each person for whom in 2024 you

maintained any individual retirement arrangement (IRA),

including a deemed IRA under section 408(q).

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

12a, 12b, 15a, and 15b, if applicable. See

certain specified assets, later.

You are required to file Form 5498 even if required

minimum distributions (RMDs) or other annuity or

periodic payments have started.

IRA under section 219(c) on a separate Form 5498 using the

name and TIN of the spouse.

Instructions for Forms 1099-R and 5498 (2024)

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amount as a regular contribution in box 1 even if the amount

exceeds $6,500 ($7,500 for participants 50 or older).

closed IRA, see

the

Total distribution, no contributions. Generally, if a total

distribution was made from an account during the year and

no contributions, including rollovers, recharacterizations, or

Roth IRA conversion amounts, were made for that year, you

need not file Form 5498 or furnish the annual statement to

reflect that the FMV on December 31 was zero.

year, if an RMD is required for the year, you must provide a

statement to the IRA participant by January 31 regarding the

are reporting to the IRS that an RMD is required for the year.

The statement can be provided in conjunction with the

statement of the FMV.

statement the amount of the RMD with respect to the IRA for

the calendar year and the date by which the distribution must

be made. The amount may be calculated assuming the sole

beneficiary of the IRA is not a spouse more than 10 years

younger than the participant. Use the value of the account as

of December 31 of the prior year to compute the amount. See

the instructions for boxes

RMD Date, and 12b. RMD Amount, later, for how to report.

electronically using the procedures described in part F of the

current General Instructions for Certain Information Returns.

box 11. See Box 11. Check if RMD for 2025, later. For

example, box 11 is checked on the Form 5498 for a 2025

RMD. You are not required to report to the IRS the amount or

the date by which the distribution must be made. However,

see the

Caution following the box 11 instructions, later, for

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I.R.B. 2002-18 at

IRS.gov/pub/irs-irbs/irb02-18.pdf, as

clarified by Notice 2003-3 on page 258 of I.R.B. 2003-2 at

IRS.gov/pub/irs-irbs/irb03-02.pdf.

Inherited IRAs. In the year an IRA participant dies, you, as

of each IRA they hold for purposes of figuring the taxation of

a distribution from an IRA. Thus, the decedent's name must

be shown on the beneficiary's Form 5498 and annual

statement. For example, you may enter “Brian Willow as

beneficiary of Joan Maple” or something similar that signifies

that the IRA was once owned by Joan Maple. You may

abbreviate the word “beneficiary” as, for example, “bene.”

IRA their own, treat the spouse as a nonspouse beneficiary

for reporting purposes. If the spouse makes the IRA their

own, do not report the beneficiary designation on Form 5498

and the annual statement.

designated beneficiary is treated as an inherited IRA.

you must enter the FMV of the IRA on the date of death in

box 5. Or you may choose the alternate reporting method and

FMV of that beneficiary's share of the IRA as of the end of the

year must be shown in box 5. Every year thereafter that the

IRA exists, you must file Form 5498 and furnish an annual

statement for each beneficiary who has not received a total

distribution of their share of the IRA showing the FMV at the

end of the year and identifying the IRA, as described above.

participant until after you are required to file Form 5498 (May

31, 2025), you are not required to file a corrected Form 5498

Using the example above (Brian Willow as beneficiary of

Joan Maple), when that account passes to Brian's successor

beneficiary, Maurice Poplar, Form 5498 and the annual

statement for Maurice should state “Maurice Poplar as

beneficiary of Brian Willow.” The final Form 5498 and annual

statement for Brian Willow will state “Brian Willow as

beneficiary of Joan Maple” and will show the FMV as of the

date of Brian's death or year-end valuation, depending on the

method chosen.

inherited IRAs, see Rev. Proc. 89-52, 1989-2 C.B. 632.

Disaster relief reporting. Special rules apply to tax-favored

withdrawals, income inclusion, and repayments for

individuals who suffered economic losses as a result of

certain major disasters. See

contributions for a prior year. The period is the time the

participant was in the designated zone or area plus at least

180 days. The participant must designate the IRA

contribution for a prior year to claim it as a deduction on the

income tax return.

excluded from gross income under section 112 is treated as

includible compensation for purposes of determining IRA

contributions.

for a prior year, other than an IRA contribution made by April

15 for the preceding year, you must report the type of IRA

(box 7) and the amount on Form 5498. Report the amount

either for (1) the year for which the contribution was made, or

(2) a subsequent year. See the instructions for boxes

13b, and 13c, later.

15, 2025, no special reporting is required. Include the

contribution in box 1 or 10 of an original Form 5498 or of a

corrected Form 5498 if an original was previously filed.

subsequent year, you must include the year for which the

contribution was made, the amount of the contribution, and

the Gulf of Oman, the Gulf of Aden; the portion of the Arabian

Sea that lies north of 10 degrees north latitude and west of 68

degrees east longitude; the total land areas of Iraq, Kuwait,

Saudi Arabia, Oman, Bahrain, Qatar, and the United Arab

Emirates; Lebanon, and Turkey east of longitude 33.51E),

and Jordan, which is in direct support of the Arabian

Peninsula.

Republic of Yugoslavia (Serbia and Montenegro), Albania,

Kosovo, the Adriatic Sea, and the Ionian Sea north of the

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Montenegro and Kosovo became independent nations since

EO13119 was signed.)

combat zones or qualified hazardous duty areas

implemented by executive orders and public laws,

Defense, after the publication date of these instructions, go to

IRS.gov/Form5498.

participant who served under EO13239 for the tax year 2023,

enter “4000” in box 13a, “2023” in box 13b, and “EO13239” in

box 13c only. Make no entry in box 1 or box 10.

any repayment of a qualified reservist distribution as

described in section 72(t)(2)(G) in boxes 14a (amount) and

14b (with indicator code “QR”).

adoption distribution as described in section 72(t)(2)(H) in

boxes 14a (amount) and 14b (with indicator code "BA").

personal expense distribution as described in section 72(t)(2)

(I) in boxes 14a (amount) and 14b (with indicator code "EP").

distribution to a domestic abuse victim as described in

section 72(t)(2)(K) in boxes 14a (amount) and 14b (with

in an IRA that are not readily tradable on an established

securities market or option exchange, or that do not have a

readily available FMV, must be reported at the FMV

January 31, 2025, you must provide participants with a

statement of the December 31, 2024, value of the

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5498. Additionally, the IRS encourages you to designate an

account number for all Forms 5498 that you file. See part L in

the current General Instructions for Certain Information

Returns.

A 60-day rollover between Roth IRAs or between other

types of IRAs.

A direct or indirect (within 60 days) rollover from a qualified

plan, section 403(b) plan, or governmental section 457(b)

plan.

Any qualified rollover contribution, as defined in section

408A(e) from an eligible retirement plan (other than an IRA)

to a Roth IRA.

the value of the property on the date it was distributed to the

participant.

Note. Do not use box 2 for late rollover contributions,

including rollovers of qualified plan loan offset amounts after

60 days or any of the following repayments made after 60

days.

Qualified reservist distributions.

See the instructions for boxes 13a through 13c, 14a, and

14b, later.

Enter the amount converted from a traditional IRA, SEP IRA,

or SIMPLE IRA to a Roth IRA during 2024. Do not include a

rollover from one Roth IRA to another Roth IRA, or a qualified

rollover contribution under section 408A(e) from an eligible

retirement plan (other than an IRA) to a Roth IRA. These

rollovers are reported in box 2.

Enter any amounts recharacterized plus earnings from one

type of IRA to another.

established markets or not having a readily

determinable market value) are valued annually at their FMV.

For endowment contracts only, enter the amount included in

box 1 allocable to the cost of life insurance.

Check the appropriate box.

IRA. Check “IRA” if you are filing Form 5498 to report

information about a traditional IRA account.

SEP. Check “SEP” if you are filing Form 5498 to report

report information about a Roth IRA account.

Roth SEP IRA. Check both “SEP” and “Roth IRA” if you are

filing Form 5498 to report information about a Roth SEP IRA.

Roth SIMPLE IRA. Check both “SIMPLE” and “Roth IRA” if

you are filing Form 5498 to report information about a Roth

SIMPLE IRA.

Enter employer contributions made to a SEP IRA (including

salary deferrals under a SARSEP) during 2024, including

contributions made in 2024 for 2023, but not including

allocation formula of the SEP arrangement). Report any

employer contributions to an IRA that are not made pursuant

to a SEP arrangement in box 1. Include in box 8 SEP

contributions made by a self-employed person to their own

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account. Also, include in box 8 contributions to a Roth SEP

IRA.

include in box 9 contributions to a Roth SIMPLE IRA.

Enter any contributions made to a Roth IRA in 2024 and

through April 15, 2025, designated for 2024. Also enter a

rollover contribution to a Roth IRA from a long-term section

529 qualified tuition program that was made after December

31, 2023, and on or before April 15, 2025, that is designated

section 529(c)(E) from a qualified tuition plan (QTP) to a Roth

IRA maintained for the benefit of the QTP beneficiary.

Check the box if the participant must take an RMD for 2025.

You are required to check the box for the year in which the

IRA participant reaches age 73 even though the RMD for that

year need not be made until April 1 of the following year.

Then, check the box for each subsequent year an RMD is

required to be made.

Boxes 12a and 12b are provided for your use to

regulations under sections 401(a)(9) and 408(a)(6) and (b)

(3).

Enter the RMD date if you are using Form 5498 to report the

additional information. See RMDs, earlier.

Enter the RMD amount if you are using Form 5498 to report

the additional information under Alternative one. See

Alternative one, earlier.

plan loan offsets, and (3) related to taxpayers for federally

declared disasters. See Rev. Proc. 2020-46, 2020-45 I.R.B.

995, available at

IRS.gov/irb/2020-45_IRB#REV-

PROC-2020-46. If the participant also has a postponed

contribution, use a separate Form 5498 to report a late

rollover.

Enter the reason the participant made the postponed

contribution.