IRS Reporting Provided on Substitute IRS Form 5498
by Joy Burditt, VP/Operations, CISP, ALMI, ACS
Each May, Catholic Life Insurance mails a Substitute IRS Form 5498 for all Traditional IRA, SEP IRA, and Roth IRA accounts (including beneficiary accounts) active as of December 31 of the prior year. Forms are printed on 8½ x 11-inch paper and mailed in an envelope labeled IMPORTANT TAX INFORMATION.
What’s Reported
Form 5498 reports contributions, rollovers, conversions, and account values for the prior tax year and RMD indicators for the current tax year. You’ll receive a separate form for each active certificate, typically in late May or early June. Information includes:
- 2025 contributions to Traditional and Roth IRAs (Jan 1, 2025 – Apr 15, 2026)
- 2025 employer SEP IRA contributions (Jan 1 – Dec 31, 2025)
- Rollovers and Roth IRA conversions (Jan 1 – Dec 31, 2025)
- Fair Market Value of all IRAs as of Dec 31, 2025
- 2026 Required Minimum Distribution (RMD) indicator, if applicable
Filing Requirements
Form 5498 is not filed with your tax return but should be kept for your records. Ensure your reported contributions, rollovers, and conversions match the amounts on Form 5498.
Reviewing and Correcting
Check your form carefully. Request corrections in writing by June 20, 2026. Corrections apply only if funds were not applied per the original instructions.
Questions?
Contact our Membership Service Center at (210) 828-9921 or mscenter@cliu.com.
Quick Tips to Avoid Corrections
- Prior‑year IRA contribution? Include a signed note: “Apply as a 2025 IRA contribution.”
- Mailing on or near April 15? Request a manual (local) postmark at the USPS counter.
- SEP‑IRA employers: Your Form 5498 shows the year we received your deposit. Your Qualified Tax Advisor will handle any prior‑year deduction on your return using your records.
- Keep your copy of Form 5498, do not file it with your tax return.
