The 5498 form is a tax form that's used to report any retirement account contributions or rollovers to the IRS. A rollover is when you move one retirement account balance to a different retirement account.
Who receives a 5498 form?
If you made a contribution or rollover to your Later account, you'll receive a 5498 form by May 31, 2024. You won’t need this form when you file your taxes. It’s just for your records.
Where is my 5498 form?
We wait to send you the 5498 form because you have up until the tax filing due date to contribute to the previous year's Individual Retirement Account (IRA). For example, the deadline to contribute to a Roth IRA for 2023 isn't until April 15, 2024, for most people.
Your Acorns Later account is an IRA plan. Because of these extra-long contribution deadlines, we wait until May to send you the 5498 form for the previous year.
Here's the full schedule for the different types of tax forms you may receive from Acorns this tax season, following the deadlines set by the IRS.
Important tax information
Your tax situation is unique, so this is just meant to be some background information for you. You may want to talk to a tax professional or visit www.irs.gov to figure out what applies to you and what you may need to report.
Acorns doesn't provide tax advice, but if you have any questions or concerns about your account, please contact us.
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