Demystifying Annual IRA Tax Documents

At the beginning of the new year, you’ll likely receive many forms, account summaries, and charitable receipts to assist in tax preparation. With all these forms, it can be difficult to keep track of which one needs to be submitted and which are primarily for informational purposes. Every year, we receive calls from our clients who want to understand more about the various tax forms they receive from Raymond James and what those tax forms mean. Three of those tax forms are Form 5498, Form 5498-SA, and Form 1099-R. If you’re a client with SageSpring Wealth Partners, you’ll be able to access these forms through your Client Access Account. Today, we’ll demystify those two forms and let you know when you can expect to receive them. 

A Brief Guide to Form 5498

IRS Form 5498 is an informational form that summarizes your IRA contributions over the course of the prior year. It is sent for many types of retirement accounts, including a traditional IRA, a Roth IRA, a SIMPLE IRA, or a SEP IRA. Form 5498 will also report any money that was rolled over or transferred from another account into an IRA. If you claim a deduction for your IRA contributions, you should reference the amounts on Form 5498. The custodian of your IRA is the one responsible for sending you Form 5498. If your IRA custodian is Raymond James, you can expect this form to be sent to you towards the end of February. 

Do I Need to Submit Form 5498?

You are not required to submit Form 5498 with your taxes. It is an informational form that requires no action on your part. If you are in possession of an IRA account but you haven’t made any contributions that year, you will not usually receive a Form 5498. 

What is Form 5498-SA? 

Similar to Form 5498, Form 5498-SA summarizes your annual contributions to a health savings account (HSA). Like Form 5498, you are not required to submit Form 5498-SA. You’ll also receive it around the same time you receive Form 5498 if Raymond James is your account custodian.

What About Form 1099-R? 

If you took a distribution that was greater than ten dollars from an IRA during the year, you will receive a Form 1099-R that summarizes your disbursements. Additionally, if you are over the age of 72 and have a traditional (not Roth) IRA, you will have a required minimum distribution (RMD) from the account. If that’s the case, you will receive a Form 5498 to summarize these distributions. If you’re over 72, you and your IRA custodian should make sure you’re taking a sufficient distribution from an IRA, as you can be penalized by the IRS for not taking the required minimum distribution from the account. Most IRA custodians will establish and disburse the RMD once it is required by the account. 

SageSpring Wealth Partners Can Help You Prepare For Tax Season

Taking some time to identify what forms you need to gather before you begin the process can help make tax preparation easier. Being aware of your retirement fund investments and disbursements can make it easier for you or your tax preparer to make informed decisions about how to file. If you’d like help getting a sense of your complete financial picture, reach out to an advisor at SageSpring to answer your questions. 

Jeffrey Dobyns
Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Jeff Dobyns has enjoyed extraordinary success providing comprehensive financial planning to retirees, entrepreneurs, entertainers, and executives by taking the time to truly know his clients, understand their goals and develop and execute their ongoing, strategic, financial plans.

Jeff earned his finance degree in business administration from Ohio University and has held executive positions with financial planning firms for more than two decades. After serving as Vice President of Investments of Lykins Financial Group, CPA’s, in his hometown of Westerville, Ohio, Jeff moved to Nashville, Tennessee to found SageSpring Wealth Partners in 2002. As its President, Jeff has led SageSpring to remarkable success, holding the distinction of being one of Raymond James’ top independent contractor offices, and a member of its Chairman’s Council*, every year since 2008.

Jeff’s true calling, however, is working directly with clients, helping them plan their financial futures in a manner that aligns with their values and helps provide them with financial confidence. To help meet these goals, Jeff leads the team of Dobyns Wealth Team and also incorporates the expertise of attorneys, accountants and other professionals to provide quality financial, tax and estate planning, and ongoing asset and risk management.

As independent advisory businesses, neither SageSpring Wealth Partners nor Dobyns Wealth Team hold any assets on behalf of clients, with such custodial and brokerage services being provided by Raymond James. As a leader in wealth management, Raymond James has an exemplary reputation and today serves more than $930 billion in client assets through 8,200 financial advisors worldwide (as of 9/30/2020).

In order to meet the highest standards of professionalism and ethics in the industry, Jeff is a CERTIFIED FINANCIAL PLANNERTM practitioner**, a Chartered Life Underwriter and a Chartered Financial Consultant. Jeff is also a participant of the Dave Ramsey SmartVestor program.

Jeff’s work and personal life are both guided by his faith and the Christian principles of honesty, generosity, compassion, and integrity. Accordingly, Jeff devotes considerable time and resources to a number of causes, including serving as a board member of Men of Valor, a prison ministry and mentoring program. He is also on the advisory board of The Signatry of Middle Tennessee, which works with families to increase their charitable giving to their favorite causes. Additionally, Jeff is on the advisory board for Halftime Institute, an organization that coaches marketplace leaders to discern and engage in their life purpose. Lastly, Jeff serves on the board of the Legacy Center of Nashville, a collaboration of independent coaching resources. He is a past board member of Porter’s Call, a Nashville charity that provides free counseling for musicians and their families, and the Martha O’Bryan Center, which empowers those in poverty to transform their lives through work, education, employment, and fellowship.

Jeff and his wife, Amy, are raising their family in Brentwood where they are members of the Brentwood Baptist Church, and their children, Gracyn, Hunter, and twins Tanner and Logan, attend the Christ Presbyterian Academy. For recreation, Jeff enjoys hunting, fishing and just being outdoors.

* Membership is based on prior fiscal year production. Re-qualification is required annually.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

SmartVestor is an advertising and referral service for investing professionals (“SmartVestor Pros”) operated by The Lampo Group, LLC d/b/a Ramsey Solutions (“Ramsey Solutions”). Pursuant to an arrangement between Ramsey Solutions, SageSpring Wealth Partners and your advisor, your advisor pays Ramsey Solutions a flat monthly fee to: (a) be a SmartVestor Pro, (b) advertise services through the SmartVestor website, and (c) receive client referrals in the form of an initial introduction to interested consumers who are located in your advisor’s Pros geographic region. SageSpring Wealth Partners does not endorse and are not affiliated with Ramsey Solutions, except with respect to the arrangement described above, and neither Ramsey Solutions nor its agents are officers or employees of SageSpring Wealth Partners. Further, neither Ramsey Solutions nor its agents are authorized to provide investment advice or act in any way on behalf of SageSpring Wealth Partners, except in connection with providing your contact information to your advisor.

Ramsey Solutions’ relationship and agreement is between SageSpring Wealth Partners only. Raymond James Financial Services, Inc. is not affiliated with the solicitor arrangement between Ramsey Solutions and SageSpring Wealth Partners.

Raymond James is not affiliated with any of the organizations mentioned above.