Understanding Your Form 5498 Tour

Trustee or Issuer's Name and Address:

Principal Trust Company/Delaware Charter is the trustee of your account. This field shows our legal name (Delaware Charter Guarantee & Trust Company) and our mailing address.

Trustee’s or Issuer’s Federal ID No.:

Shows Principal Trust Company / Delaware Charter's taxpayers identification number.

Participant’s Social Security Number:

Shows your Social Security number used for tax identification purposes.

IRA Contributions:

Shows traditional IRA contributions you made in 2007 through April 15th of the current year. These contributions may be deductible on your Form 1040 or 1040A (U.S. Individual Tax Return). However, if you or your spouse was an active participant in an employer's pension plan, these contributions may not be deductible.

Rollover Contributions:

Shows any rollover, including a direct rollover to a traditional IRA, that you made in 2007. It does not show any amounts that you converted from your traditional IRA, SEP IRA, or SIMPLE IRA to a Roth IRA. They are shown in Box 3.

Roth IRA Conversion Amount:

Shows the amount converted from a traditional IRA, SEP IRA, or SIMPLE IRA to a Roth IRA in 2007. Use Form 8606 to figure the taxable amount.

Recharacterized Contributions:

Shows amounts recharacterized from transferring any part of the contribution (plus earnings) from one type of IRA to another. See Publication 590.

Fair Market Value of Account:

Shows the value of your account as reported to us on December 31st.

Life Insurance Cost Included In Box 1:

For endowment contracts only, Box 6 shows the amount allocable to the cost of life insurance/ Subtract this amount from your allowable IRA contribution included in Box 1 to compute your IRA deduction.

Type of Account:

Shows the type of account being reported on this Form 5498.

SEP Contributions:

Shows SEP contributions made in 2007, including contributions made in 2007 for 2006. If made by your employer, do not deduct on your income tax return. If you made the contributions as a self-employed person (or partner), they may be deductible. See Publication 560.

Roth IRA Contributions:

Shows Roth IRA contributions that you made in 2007 through April 15th. Do not deduct on your income tax return.

SIMPLE Contributions:

Shows SIMPLE contributions made in 2007. If made by your employer, do not deduct on your income tax return. If you made the contributions as a self-employed person (or partner), they may be deductible. See Publication 560.

Required minimum distribution

If box is checked you are required to take a mandatory minimum distribution

Corrected Form 5498:

If this box is checked it indicates that a corrected Form 5498 was filed with the IRS. Corrections must be filed with the IRS as soon as possible after errors are discovered.

Copy B - For Participant:

Indicates this is Copy B of your Form 5498 for your records. Principal Trust Company/Delaware Charter files copy A with the IRS.

Account Number:

Shows the brokerage account number for your IRA.

Source – Product:

Shows internal routing number used to produce this form.