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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. 

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Jeffrey T. Dobyns

CFP®, CLU, CHFC

President, SageSpring 

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Jeffrey T. Dobyns

President, SageSpring 

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, 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.