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Understanding Your Fidelity 2013 Form 5498 IRA Contribution Information Statement

If you had a Fidelity IRA in 2013, this guide may highlight tax reporting information related to your account.

Your Fidelity 2013 Form 5498 IRA contribution information

Your IRA summary statement has three parts. First is the tax Form 5498, which summarizes IRA contributions, recharacterizations, conversions, and reconversions. This is the information Fidelity is required to report to the IRS. Second is the IRA Portfolio section, which lists holdings and the fair market value. Third is the IRA Beneficiary Summary Statement, which provides a list of the beneficiaries we have on file for your IRA.

Click on the number for a detailed explanation of that section

Line 1

Reports 2013 contributions to Traditional IRAs or Rollover IRAs, including employee annual contributions (other than salary-deferral contributions) to SEP IRAs, through December 31, 2013. If you make any IRA contributions for 2013 between January 1 and April 15, 2014, Fidelity will mail an updated Form 5498 to you by June 2, 2014. The amount shown is the gross contribution, including any excess contribution(s), even if withdrawn.

Line 2

Reports rollover contributions made in 2013 to a Traditional, Roth, SEP IRA, or SIMPLE IRA. This amount includes direct rollovers from employer-sponsored plans, as well as 60-day rollover contributions. Line 2 also reports qualified rollover contributions to Roth IRAs, which include military death gratuities, Service Member Group Life Insurance payments, qualified settlement income and airline payments. Line 2 does not show direct custodian-to-custodian transfers, which are not reported to the IRS.

Line 3

Reports amounts converted to a Roth IRA from a Traditional, Rollover, SEP IRA, or SIMPLE IRA in 2013. Line 3 also reports amounts reconverted back to a Roth IRA following a recharacterization to a Traditional, Rollover, or SEP IRA. It does not include rollovers from one Roth IRA to another, which are reported on Line 2.

Line 4

Reports contributions (and earnings) recharacterized from one type of IRA to another.

Line 5

Reports the fair market value (FMV) of your IRA as of December 31, 2013.

Line 7

Identifies the type of IRA reported.

Line 8

Reports all SEP contributions made by an employer or self-employed individual in 2013 (but which may have been made for 2012 or 2013, but not including contributions made in 2014 for 2013).

Line 9

Reports SIMPLE contributions made in 2013, including your elective deferral contributions and contributions made by your employer.

Line 10

Reports contributions made in 2013 to a Roth IRA for 2013. If you make any IRA contributions for 2013 between January 1 and April 15, 2014, Fidelity will mail an updated Form 5498 to you by June 2, 2014. It does not show amounts converted to a Roth IRA, which are reported on Line 3.

Line 11

If the box is checked, you must take a Required Minimum Distribution (RMD) in 2014. Fidelity refers to Required Minimum Distributions as Minimum Required Distributions (MRD). An MRD may be required even if the box is not checked. If you do not take the MRD for 2014, you are subject to a 50% excise tax on the amount not distributed. See Publication 590 (PDF) for details.

Line 13a

Reports amount of any postponed contributions made in 2013 for a prior year.

Line 13b

Reports the year for which the amount on line 13a is being made.

Line 13c

The code on this line tells the IRS the reason you are allowed to make the postponed contribution. The allowed codes for participants who served in combat zones are EO13239 for Afghanistan and associated direct support areas, EO12744 for Arabian peninsula areas, and EO13119 for the Yugoslavia operations areas. For participants who are "affected taxpayers" of a federally designated disaster area, the code would be FD.

Line 14a

This line will report any repayments of distributions made under the qualified reservist or federally designated disaster distribution rules.

Line 14b

This code identifies what the reason is for the line 14a amount being repaid. The options for the codes are QR for qualified reservist and DD for disaster recovery.

Line 12a

If you will be of minimum required distribution (MRD) age in 2014, this reports the date by which you must take your next MRD.

Original Depositor

An original depositor is the original owner of IRA account assets that you have inherited and now hold in an Inherited IRA account. These Inherited IRA accounts are also known as Beneficiary Distribution Accounts (BDAs). Fidelity will send a 2013 Form 5498 to the address of record of the original depositor's (decedent's) account if he/she made an IRA contribution for 2013 and/or if there is a remaining balance in the decedent’s IRA on December 31, 2013.

Before investing, consider the investment objectives, risks, charges, and expenses of the fund or annuity and its investment options. Call or write to Fidelity or visit Fidelity.com for a free prospectus and, if available, summary prospectus containing this information. Please read the prospectus and consider this information carefully before investing. Product availability and features may vary by state. Please refer to the contract prospectus for more complete details regarding the living and death benefits if applicable.
The tax information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Fidelity does not provide legal or tax advice. Fidelity cannot guarantee that such information is accurate, complete, or timely. Laws of a particular state or laws which may be applicable to a particular situation may have an impact on the applicability, accuracy, or completeness of such information. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Fidelity makes no warranties with regard to such information or results obtained by its use. Fidelity disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Always consult an attorney or tax professional regarding your specific legal or tax situation.
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