What is the purpose of a 5498?
When is the IRS Form 5498 mailed?
Who receives an IRS Form 5498?
How is an IRS Form 5498 accessed online?
Active & Annuitized Contracts
For contracts in active or annuitized status, access the My Contract section by clicking the link in the top middle, then:
Note: IRS Form 5498 information is not accessible for inactive (e.g., fully surrendered, free-looked, etc.) contracts via the My Account website.
Q: Why didn’t I receive an IRS Form 5498?
A: If you have a traditional IRA, SEP-IRA, SIMPLE IRA, Roth IRA contract and did not have a contribution, rollover, conversion, or recharacterization during the tax year, an IRS Form 5498 will not be sent to the contract owner. However, information concerning the fair market value (FMV) will still be reported to the IRS.
Other reasons you may not have received an IRS Form 5498 include a delay in USPS shipping or outdated mailing information. Please call Customer Service at (800) 722-4448 if you have recently changed your mailing address. IRS Form 5498s are mailed out from Pacific Life to qualifying owners by May 31.
Q: What if an IRS Form 5498 has not been received or has been misplaced?
A: The most current IRS Form 5498, as well as those for previous tax years, will be displayed on the My Account website. To access the IRS Form 5498, review the instructions noted above. In addition, a copy of the IRS Form 5498 can be faxed or mailed to the contract owner or the servicing Financial Professional/Producer.
Q: Will an IRS Form 5498 be generated for an IRA to IRA direct transfer?
A: No, IRA to IRA direct transfers are not tax reportable; no IRS Form 5498 is generated. However, Pacific Life will still report IRS Form 5498 information to the IRS if there is FMV information.
Q: Will an IRS Form 5498 be received for a Roth conversion?
Q: Why is the Fair Market Value listed on the IRS Form 5498 higher than the December 31 value listed on the year-end statement?
A: If the contract had either a Roth conversion or was subject to required minimum distributions (RMDs) in the tax year, the Actuarial Present Value (APV), the value of any future benefits as of a specific date (December 31) that is associated with an annuity product used to fund a retirement plan or account, must be included in the amount that was converted or used in the calculation of the required minimum distribution (RMD). This is required by the IRS.
Q: If a withdrawal was taken for an excess contribution, will Pacific Life send a corrected IRS Form 5498?
A: The IRS Form 5498 cannot be corrected. If a withdrawal of an excess contribution was requested, the excess contribution amount will show on the IRS Form 5498. However, an IRS Form 1099-R will be sent to the client next January, which reflects the excess contribution withdrawal.
Q: If a contribution was coded incorrectly, can it be corrected?
A: Yes, it can be corrected for the tax year in question. However, a corrected IRS Form 5498 is not automatically sent out. In addition, no corrections can be made to a previous tax year. For a current year correction, call Customer Service at (800) 722-4448 for assistance.
Q: How are SEP-IRA and SIMPLE IRA contributions reported?
A: A contribution to a SEP-IRA OR SIMPLE IRA contract is reported for the year in which the contribution is received, regardless of the instructions received with the payment. Pursuant to IRS reporting guidelines, employer contributions to SEP-IRA and SIMPLE IRAs are reported in the calendar year in which the contribution is received. Please refer to the instructions from the IRS for boxes # 8 and #9. This does not prevent you from deducting the IRA portion of the contribution; however, you are responsible for the tax reporting. This matter should be discussed with a tax advisor to review the options that are available.
Q: How can an excess contribution be corrected?
A: Please call Customer Service at (800) 722-4448 for assistance.
Q: How many IRA rollovers can I perform in a 12-month period?
A: Current tax law only permits one rollover distribution for all IRAs within a 12-month period. For purposes of this one-rollover-per-year limitation, all of your IRAs (including Roth, SIMPLE, and SEP IRAs) are aggregated, so a rollover involving any one of them precludes a rollover involving any other account (except qualified plans) within the next year. If you have additional questions about this one-rollover-per-year limitation, please contact your tax advisor.
To access the IRS Form 5498, review the instructions noted above or click here: IRS Form 5498. In addition, a copy of the IRS Form 5498 can be faxed or mailed to the contract owner or the servicing Financial Professional/Assistant/Producer.
Q: Why is box 11 blank, indicating that a Required Minimum Distribution (RMD) is not required for 2020?
A: Section 2203 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act amends section 401(a)(9) of the Internal Revenue Code, the section of the Code that sets forth the Required Minimum Distribution (RMD) rules, to provide for waiver of required minimum distribution (RMD) from certain retirement accounts for calendar year 2020. If you have an RMD program established on your contract and would like to make updates to change the next processing date to 2021, please contact Customer Service at (800) 722-4448, or in New York (800) 748-6907, Monday through Friday, 6 a.m.-5 p.m. Pacific Time.
Types of Transfers
IRS Form 5498
For specific information regarding an IRS Form 5498, click https://www.irs.gov/forms-pubs/about-form-5498.
For the IRS form 5498, click http://www.irs.gov/pub/irs-pdf/f5498.pdf.