The Johnson Team

IRS Form 5498 is an informational form only and is not filed with your personal income tax return. The financial institution that manages your IRA is responsible for sending the form to both you and the IRS by May 31 of the following year. This form reports all IRA contributions, rollovers, conversions, 12/31 fair market value (FMV) of the account and the following year’s Required Minimum Distribution (RMD). 

Homeowners aged 62 and older in St. Louis County and St. Charles County who benefit from the Senior Property Tax Freeze must reapply every year to maintain this valuable protection against rising property taxes. The freeze locks your property tax at a base level, but it is not automatic beyond the first year.  

1. St. Louis County renewal window (beginning 2026):  October 1 – June 30 for the upcoming tax year. 
2. St. Charles County renewal window:  March 1 – June 30 annually. 

The “One Big Beautiful Bill Act” (OBBBA) introduces a temporary “senior bonus” deduction for 2025-2028. Beginning in the 2025 tax year (taxes filed in 2026), seniors aged 65 or older can benefit from a $6,000 per-person deduction on top of their standard or itemized deductions, provided they meet income thresholds. The deduction begins to phase out at a MAGI of $75,000 (single) and $150,000 (married).  The deduction phases out completely at $175,000 (single) and $250,000 (married).