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Frequently asked questions

All FAQs about IRS form 5498

If this is the first year you've contributed to an IRA, your basis is zero.

Otherwise, your basis is determined by your life-to-date contributions to your IRA.

If you've had any rollovers into your account, TIAA will not have your basis on file. You can find it in a previously filed IRS Form 8606. For further details, reference IRS Publication 590Opens in a new window.

IRS Form 8606 will determine the taxable amount after a conversion. You'll enter the amount of the conversion, the original amount of any recharacterized funds, and the basis in the conversion.

Your conversion and recharacterization confirmation statement(s), along with your quarterly statement(s), contain the information necessary to help you complete this form. Please see Part II of Form 8606 for detailed instructions.

Go to the Your Communication PreferenceOpens in a new window page to select your communication preference, including opting in/out for your tax forms.

The checkbox is to alert you to take a required minimum distribution (RMD) afte you reach the age of 70 ½.

If you were 70½ or older in the previous tax year, federal law requires that you begin taking minimum distributions from your TIAA-CREF Traditional, Rollover or SEP IRA account(s) in the following calendar year.

If you are taking your first payment in the calendar year after you turn 70½, two distributions are required for that year. The first payment must be taken by April 1 and the second by December 31.

Your total annual required distribution must be withdrawn by December 31 of the following year.

Need help?
TIAA offers solutions for distribution requests. Please call us at 800-842-2776 weekdays, 8 a.m.-10 p.m. (ET) and Saturdays, 9 a.m.-6 p.m. (ET). We'll discuss all of your options to help you make the decision that’s right for you.

Generally, contribution limits depend on your on earned income. Please use our contribution limits calculator to understand your limit.

What is earned income?
Earned income includes all the taxable income and wages you received from working. In addition, a phased-out income level may further reduce the contribution limits.

When you file IRS Form 8606, you'll determine the nondeductible, taxable amount of a Traditional or Roth IRA.

You are required to complete IRS Form 8606 if you:

• Remitted nondeductible IRA contributions
• Converted IRA funds
• Re-characterized IRA funds
• Received distribution(s) of nondeductible IRA funds
• Received Roth IRA distribution(s) (qualified and nonqualified)
• Received first-time homebuyer distributions of up to $10,000 of the expenses from the Roth IRA contract

No. You aren't required to do anything with Form 5498 because it's for informational purposes only. Please be sure to keep this form for your records as you'll need this information to calculate your taxable income when you decide to take distributions from your IRA.

By May 31, you'll receive a separate Form 5498 from Pershing, LLC (the custodian for TIAA-CREF Brokerage IRAs).

For more information, call 800-927-3059.

No. TIAA is required to report the entire contribution including the excess contribution amount to the IRS.

Form 5498 does not report withdrawals or refunds from an IRA. You'll get IRS Form 1099-R to reflect that your IRA excess contribution was refunded or applied to next year's contribution.

You received Form 5498 because we're required by federal law to send you one.

Federal law requires TIAA to report deductible and nondeductible contributions, conversions, re-characterizations and rollovers you make to your Individual Retirement Account (IRA) during a given tax year.

This applies to both Traditional IRAs and Roth IRAs (you will receive one Form 5498 for each IRA that you contribute to).

There are two Form 5498 mailing periods:

• The first mailing, due January 31 in the following year, covers contributions from January 1 to December 31 of the previous year.

• The second mailing, due May 31 in the following year, covers all prior year contributions from January 1 to April 15 (or tax-filing deadline) of the current year.

In addition, Form 5498 also reports the Fair Market Value (FMV) of your IRA contract(s) as of December 31 of that tax year’s end.

You can call the IRS directly at 800-829-1040 or visit the IRS websiteOpens in a new window.

The instructions included with the U.S. Individual Income Tax Return (IRS Form 1040 or 1040A) and IRS Publication 590, Individual Retirement Arrangements (IRAs), give additional information on reporting requirements for your IRA.

If you have additional questions, call us at 800-842-2252.

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