Understanding Form 5498
Form 5498 reports IRA contributions, rollovers, conversions and recharacterizations made to your Dreyfus retirement account(s) from January 1, 2014, through April 15, 2015, as well as the value of these accounts as of December 31, 2014. This information is reported to the Internal Revenue Service (IRS). If you have more than one Dreyfus retirement account of an identical IRA type registered to the same owner and Social Security Number, they will all be listed on one consolidated Form 5498. Although you are not required to attach a copy of Form 5498 to your income tax return, it is important to keep this form with your tax records.
All 2014 distributions, whether deductible, nondeductible or excess, should have been reported on your 2014 federal personal income tax return. State and local income taxes differ from state to state. You should consult your tax advisor regarding the reporting of retirement account contributions on your state and local personal income tax returns.
A. PARTICIPANT'S NAME & ADDRESS
Your registration and mailing address. As a participant, you are the individual covered under the retirement account(s) listed on this form.
B. PARTICIPANT'S SOCIAL SECURITY NUMBER
The number under which the contribution amounts and account values have been reported to the IRS. For individuals this is your Social Security Number, which has been masked on paper forms but not on electronic forms. Employer Identification Numbers have not been masked.
C. ACCOUNT NUMBER
The account number of the fund account in which the contribution was invested.
Box 1. IRA CONTRIBUTIONS (other than amounts in boxes 2-4 and 8-10)
Reports the total regular contributions* made to your retirement account(s), other than Roth IRA accounts, through April 15, 2015, and designated for 2014.
Form 1040 tax reporting of deductible contributions: The total of your IRA deduction and your spousal IRA deduction, if applicable, should have been entered on Line 32 of Form 1040.
Box 2. ROLLOVER CONTRIBUTIONS
Reports all contributions** made to your retirement account(s) in 2014 which were designated by you as rollover IRA contributions. These contributions reflect all or a portion of the distribution amounts you received from either an IRA or qualified employer retirement plan distribution which was reported on a 2014 Form 1099-R by the former custodian. Rollover contributions will not be taxable in the year of receipt if:
1) they were eligible for rollover treatment; and
2) they were directly rolled over into your Dreyfus IRA or rolled over within 60 days of receipt of the money.
Form 1040 tax reporting:
1) You should have entered the full amount of the distribution shown on your 2014 Form 1099-R on Line 15a of Form 1040.
2) If you rolled over the full amount of this distribution, you should have entered zero on Line 15b of Form 1040.
Box 3. ROTH IRA CONVERSION AMOUNT
Reports the full amount converted from your non-Roth IRA account to your Roth IRA account in 2014. This amount reflects all or a portion of the distribution amount you received from an IRA which was reported on a 2014 Form 1099-R by the former custodian.
Form 1040 tax reporting of Roth conversion amounts:
1)You should have entered the full amount of the Roth conversion shown on your 2014 Form 1099-R onto Line 15a of Form 1040.
2)You should have used Form 8606 to determine the amount of the Roth conversion to be entered onto Line 15b of Form 1040 for 2014. Please consult your tax advisor.
Box 4. RECHARACTERIZED CONTRIBUTIONS
Shows amounts recharacterized by transferring any part of the contribution (plus earnings) from one type of IRA to another.
Box 5. FAIR MARKET VALUE OF ACCOUNT
This is the value of your retirement account(s) as of December 31, 2014.
Box 7. TYPE OF IRA
Shows whether this Form 5498 is for your IRA, SEP, SIMPLE or Roth IRA.
Box 8. SEP CONTRIBUTIONS
Reports the total SEP contributions made to your retirement account(s) in 2014, including contributions made in 2014 for 2013, but not including contributions made in 2015 for 2014.
Form 1040 tax reporting: Please consult your tax advisor for info3mation on how to report SEP contributions.
Box 9. SIMPLE CONTRIBUTIONS
Reports the total SIMPLE contributions made to your retirement account(s) in 2014.
Form 1040 tax reporting: Please consult your tax advisor for information on how to report SIMPLE contributions.
Box 10. ROTH IRA CONTRIBUTIONS
Reports the total regular contributions*** made to your Roth IRA account through April 15, 2015, and designated for 2014. Contributions to a Roth IRA are not deductible.
Box 11. IF CHECKED REQUIRED MINIMUM DISTRIBUTION FOR 2015
If the box is checked, you must take a required minimum distribution (RMD) for 2015. An RMD may be required even if the box is not checked.
Please refer to the FAQ portion of this guide for further information.
* If you made a nondeductible or excess contribution to your retirement account(s) for 2014, please refer to the Frequently Asked Questions section for further information.
** If you elected to recharacterize certain IRA contributions, the amount(s) will also appear in Box 2, please refer to the Frequently Asked Questions section for further information.
*** If you made an excess contribution to your Roth IRA account(s) for 2014, please refer to the Frequently Asked Questions section for further information.