fyllyoA rollover isn’t a contribution
A transaction history lists regular contributions, a rollover from an old 401(k) and a distribution in one column. Software can add them all up as contributions.
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Fill Form 5498 with AIIRA Contribution Information
Add the trustee’s IRA records, the contribution history, the year-end valuation and the RMD notice. Fyllyo fills Form 5498 on your Mac. Anything the documents can’t settle is left for you, with the reason.
Where AI form filling goes wrong on Form 5498
Form 5498 is filed by the IRA trustee, and its numbers come from several records at once: a reporting record and its correction, a transaction history, a year-end statement and an RMD notice, each holding amounts that belong to other boxes or other years. These are the common places AI tools and autofill get it wrong. What the form requires is for the IRS to say. Follow its instructions. IRS instructions for Form 5498.
A corrected report and the one it replaces
The file holds the original report and the correction that replaces it, with a different figure in one box. Software can copy the old figure, or miss that the form is a correction.
Last year’s figures beside this year’s
Year-end statements and RMD notices print last year’s value and last year’s distribution next to this year’s. Software can take the wrong column.
Many dates on one RMD notice
An RMD notice carries the date it was sent, the date of last year’s payment and the date this year’s distribution is due. Software can copy the wrong one, or copy it as written into a box that wants a number date.
A service center address, or the old home address
Trustee records carry a reporting address, a client service P.O. box and an operations office, and the IRA owner has a current and a former address. Software can take the first address it finds.
Account numbers that look alike
The records show the IRA account number, a linked checking account and the old 401(k) plan’s account. Software can copy any of them as the account number.
How Fyllyo takes care of them
With a test client and eight documents (the trustee’s reporting profile, the account record, the owner’s letter, the original and corrected 5498 records, the transaction history, the year-end valuation and the RMD notice), Fyllyo filled 13 fields in 14 seconds. Each answer shows the lines it came from.
- A rollover isn’t a contribution. Reports the rollover in its own box and keeps it out of the contribution total. In the test, that was 48,000 in box 2 and 7,000 in box 1.
- A corrected report and the one it replaces. Reads the amounts from the correction, not the record it replaces, and ticks the Corrected box only when the documents say the report is corrected.
- Last year’s figures beside this year’s. Reads the December 31 value and the coming year’s RMD amount, and checks each against the other records that state them.
- Many dates on one RMD notice. Reads only the date tied to the coming year’s distribution and writes it as MM/DD/YYYY. In the test, “December 31, 2026” became 12/31/2026.
- A service center address, or the old home address. Uses the trustee’s reporting address and the owner’s current address, and leaves the P.O. box, the operations office and the former address off the form.
- Account numbers that look alike. Fills only the IRA’s own account number, and checks that the documents label it as one.
How much of a Form 5498 does Fyllyo fill?
Fyllyo can fill all 31 fields on Form 5498 from the client’s documents. Lines the documents don’t support stay blank and are listed for you to check.
You confirm on every form
- Participant's TIN
- Participant's name
- IRA contributions
- Fair market value of account
What do you give Fyllyo?
Fyllyo reads the documents you already have. These can be PDFs, scans, photos, Word files or typed notes, and you can add several at once. Fyllyo works out which document answers which line.
Client data stays on your Mac
Client documents and the filled form never leave your computer. Fyllyo uploads nothing. Once it is set up, filling works offline.
What Fyllyo doesn’t do
Fyllyo doesn’t decide what to file, give legal or tax advice, or submit Form 5498 for you. Use the IRS’s instructions for Form 5498 and your professional judgement. Fyllyo does the reading and the typing.
What if a document is a scan or a photo?
Fyllyo reads scans and photos as well as PDFs, Word files and typed notes. Clear, readable copies give the best results, and every answer on Form 5498 still shows the line it came from.
Fill your next Form 5498 on your Mac
Try form filling free for 5 days. Then buy Fyllyo Paid once for $99. It is a lifetime licence with free updates and no subscription. Filling forms on your Mac uses no AI credits. Pricing and licence details.