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Understanding Form 5498

Each year, Principal Trust CompanySM provides account holders with Form 5498 (for IRAs), Form 5498-ESA (for Coverdell ESAs) or Form 5498-SA (for HSAs) for their records. These forms display the contributions made to each IRA, ESA, or HSA account for the prior year.

Principal Trust Company mails Form 5498-ESA at the end of April. Form 5498 and Form 5498-SA are mailed at the end of May. Account holders are not required to attach these forms to their annual income tax filing. Principal Trust Company submits the information on these forms to the Internal Revenue Service (IRS) to report prior year contributions[1], including any catch-up contributions.

For explanations about each line item on the form, read the instructions for Participant. If you have further questions about Form 5498, Form 5498-ESA, or Form 5498-SA, check the Form 5498 Frequently Asked Questions or contact Principal Trust Company's Client Contact Center at 1.800.209.9010. You may download the complete IRS Form 5498 and instructions (PDF: 51 KB) Interactive Form 5498, IRS Form 5498-SA and Instructions (PDF: 41 KB) Interactive Form 5498-SA, or IRS Form 5498-ESA and Instructions (PDF: 38 KB) Interactive Form 5498-ESA.

[1]
For 2011 Reporting: Only SEP and SIMPLE IRA contributions actually made in 2011 will be reported in 2012 on a 2011 Form 5498. Contributions for SEP and SIMPLE IRAs made in 2012 for the 2011 tax year will be reported in 2013 on a 2012 Form 5498.

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