What is an IRS Form 5498?

Who receives a 5498?

When is a 5498 issued?

Why did I not receive a 5498?

Can I access my 5498 form online?

 

 

What is an IRS Form 5498?

IRS Form 5498 shows the contributions and/or rollover amounts paid into a traditional IRA, Roth IRA, SEP IRA or Simple IRA for the previous calendar year. The 5498 also reports the year-end value of the contract. The IRS also receives a copy. The form is for informational purposes only and it is not needed to file your tax return.

 

Who receives a 5498?

The form is issued to the contract owner for the following qualified plans: Traditional IRAs, Roth IRAs, SEP IRAs and Simple IRAs. It is not issued for qualified plans such as 403(b) plans, pension plans and 401(k) plans, or for non-qualified plans.

 

When is a 5498 issued?

The IRS deadline for issuing Form 5498 is May 31. The filing deadline takes into account the fact that contributions to IRAs can be applied towards the prior tax year, provided that the contribution is made by the filing deadline (without extensions) for that year’s income tax returns, generally April 15 of the following year. For tax year 2017, the deadline is April 17, 2018.

 

Why did I not receive a 5498?

You will not receive a 5498 form if you did not make any contributions to your IRA for the tax year, if you do not have an IRA or if we have an incorrect mailing address on file for your annuity contract. Click here to download a form to change your address of record.

 

Can I access my 5498 form online?

This form is not available online. Please click here to request that an IRS Form 5498 from a previous tax year be sent to your address of record. After June 14 you can request a copy be sent to you via email.

 



When considering an annuity for use in an IRA or other tax-qualified retirement plan (i.e., 401(k), 403(b), 457), it is important to note that there is no additional tax-deferral benefit, since these plans are already afforded tax-deferred status. Thus, an annuity should only be purchased in an IRA or qualified plan if some of the other features of the annuity are of value, such as access to specific portfolio choices, the ability to have guaranteed payments for life and other guaranteed benefits, and you are willing to incur any additional costs associated with the annuity to receive such benefits. See the prospectus for details.

This material does not constitute tax, legal or accounting advice and neither John Hancock nor any of its agents, employees or registered representatives are in the business of offering such advice. It was not intended or written for use and cannot be used by any taxpayer for the purpose of avoiding any IRS penalty. It was written to support the marketing of the transactions or topics it addresses. Comments on taxation are based on John Hancock’s understanding of current tax law, which is subject to change. Anyone interested in these transactions or topics should seek advice based on his or her particular circumstances from independent professional advisors.

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Request Tax Forms
Please click here to request that an IRS Form 5498 from a previous tax year be sent to your address of record.

Please note alternative delivery methods are not available via an online request for a duplicate tax form.
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John Hancock Annuities are issued by John Hancock Life Insurance Company (U.S.A.), Lansing, MI 48906, which is not licensed in New York. In New York, John Hancock Annuities are issued by John Hancock Life Insurance Company of New York, Valhalla, NY 10595. John Hancock Variable Annuities are distributed by John Hancock Distributors LLC, member FINRA.