You will receive a Form 5498, which will be downloadable in your account by May 31st, 2023, if you had made annual or rollover contributions into your Betterment IRA. Direct transfers into your IRA will not be reported, per IRS requirements. You do not need to send the 5498 to the IRS—we will report it for you. Note that the 5498 is generated after the tax filing deadline. The reason for this is because it’s up to you to self-report your IRA contributions, and the purpose of the 5498 is just to consolidate what you reported versus what your activity actually was.
Betterment is not a tax advisor, nor should any information herein be considered tax advice. Please consult a qualified tax professional.
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