Notice to IRA account holders about Tax Form 5498

Posted on: May 23rd, 2017

Clear Mountain Bank will mail 2016 Tax Form 5498 to IRA account holders in May 2017.  Below are answers to some common questions about Form 5498:

Why did I receive Form 5498?
The IRS requires Clear Mountain Bank as IRA custodian to report contributions, rollovers, conversions and recharacterizations received in a traditional, Roth, SEP or SIMPLE IRA. Form 5498 also reports the fair market value of your IRA account as of Dec. 31, 2016.

Why am I receiving my 2016 Form 5498 now, after the April 15th tax deadline?
As custodian for your retirement account, Clear Mountain Bank is required to provide your 2016 Form 5498 by May 31, 2017. This allows us the time to record any 2016 contributions made to your traditional or Roth IRA.  Because you can contribute to your IRA up until April 15th, we must wait until after April 15th to record the contributions and send Form 5498 to you.

Do I need to attach Form 5498 to my tax return?
Form 5498 is for informational purposes only. You are not required to file it with your tax return; however, you may want to provide a copy to your tax preparer.

If you have any additional questions, please contact Clear Mountain Bank at 304.379.2265.

 

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