Form 5498 is issued after the tax filing deadline and reports your total contributions made to your IRA.
Why is Form 5498 issued after the tax filing deadline?
Form 5498 is typically issued in late May because IRA contributions can be made or finalized up until the tax filing deadline. Issuing the form later allows financial institutions to report accurate, finalized contribution totals to the IRS.
Do I need Form 5498 to file my taxes?
No. You generally do not need Form 5498 to file your taxes. Form 5498 is primarily for your records and helps the IRS confirm the contribution amounts that were made to your IRA.
How can I confirm my contribution totals before I receive Form 5498?
You can use your Public account statements to confirm your contribution totals. Your account statements reflect the transactions that will later appear on Form 5498.
How do I view my account statements in the Public app?
You can view your account statements, trade confirmations, or tax documents directly in the app.
To view your account statements:
Log in to Public
Select the menu icon (≡) in the top corner of the screen
Scroll down and select Settings
Select Documents
Select Account Statements
Public does not provide tax advice. You may want to consult a tax professional if you have questions about tax-specific inquiries.
If you ever have questions, the team is always here for you, so feel free to give us a shout on the app’s Chat or via email at support@public.com.