What is Form 5498? It is the tax form your IRA custodian files with the IRS to report your IRA contributions, rollovers, conversions, recharacterizations, and year-end account value. You keep it for your records and do not attach it to your return.
Key Takeaways
- Form 5498 is filed by your IRA custodian or trustee, not by you, per the IRS Instructions for Forms 1099-R and 5498.
- The full form is filed with the IRS and furnished to you by May 31, after the tax deadline, because IRA contributions can be made up to the filing deadline (IRS).
- The fair market value and required minimum distribution statement must reach you by January 31 (IRS Instructions for Forms 1099-R and 5498).
- Box 1 reports regular IRA contributions, Box 2 rollovers, Box 3 Roth conversion amounts, and Box 10 Roth IRA contributions (IRS Form 5498).
- Box 11 is a checkbox flagging that a required minimum distribution is due for the following year (IRS).
- The 2026 IRA contribution limit is $7,500, or $8,600 for savers age 50 and older (IRS).
- You do not file Form 5498 with your tax return, but you should keep it to track your IRA basis alongside Form 8606.
Form 5498 At A Glance (2026)
Figures verified against IRS.gov primary sources. Box numbers reflect the 2026 Form 5498 and its instructions.
What is Form 5498 and what does it report?
Form 5498, titled IRA Contribution Information, is an information return your IRA custodian files with the IRS for every individual retirement arrangement it maintains for you. According to the IRS overview of Form 5498, a custodian must file it for each person for whom it maintained any IRA during the year.
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The form captures the money that moved into your account and its status at year end. That includes regular contributions, rollovers, Roth conversions, recharacterizations, employer contributions to SEP and SIMPLE plans, the account’s fair market value, and whether a required minimum distribution applies. If you want a refresher on the account itself, this primer on how an IRA works pairs well with the form.
Think of Form 5498 as the mirror image of Form 1099-R. Form 1099-R reports money coming out of a retirement account (distributions), while Form 5498 reports money going in and the account’s ending value. The two forms track opposite directions of the same account.
Who files Form 5498, and do you have to file it too?
Your IRA custodian or trustee files Form 5498, not you. The IRS instructions state that participants do not file Form 5498 with their tax returns; it is an informational return submitted by the financial institution only.
You receive a copy for your records. Because it is informational, there is nothing to attach to your Form 1040. Its job is to let the IRS reconcile what a custodian reports against what you claim on your return, such as a deduction for a traditional IRA contribution or the reporting of a Roth conversion on your taxes.
Why does Form 5498 arrive in late May, after the tax deadline?
Form 5498 arrives by May 31 because IRA contributions for a tax year can be made up to the April filing deadline of the following year. The IRS Instructions for Forms 1099-R and 5498 set the filing and furnishing deadline at May 31, which falls after the return deadline on purpose.
A contribution made in, say, early April 2027 still counts for the 2026 tax year. The custodian cannot finalize the full form until that window closes, so the complete Form 5498 lands weeks after most people have already filed. To bridge the gap, the custodian must send you a fair market value and required minimum distribution statement by January 31, so you have the year-end value and any RMD information in time to plan.
What does each box on Form 5498 report?
The boxes map cleanly to the type of money that entered your IRA. The table below summarizes the key boxes, drawn from the IRS Form 5498 and its instructions.
| Box | What it reports |
|---|---|
| Box 1 | Regular traditional IRA contributions for the year (excluding rollovers, conversions, and employer amounts reported elsewhere). |
| Box 2 | Rollover contributions received into the IRA, including 60-day and direct rollovers. |
| Box 3 | Roth IRA conversion amount moved from a traditional IRA to a Roth IRA during the year. |
| Box 4 | Recharacterized contributions (a contribution treated as if made to the other type of IRA). |
| Box 5 | Fair market value of the account as of December 31. |
| Box 7 | Checkboxes marking the account type: traditional IRA, SEP, SIMPLE, or Roth IRA. |
| Box 8 | SEP contributions made by an employer for the year. |
| Box 9 | SIMPLE contributions made by an employer for the year. |
| Box 10 | Roth IRA contributions made for the year. |
| Box 11 | Checkbox indicating a required minimum distribution is due for the following year. |
| Box 12a and 12b | The RMD date and the RMD amount for the current year. |
| Box 13a | Postponed or late contributions (for example, certain disaster or military relief provisions). |
Two boxes deserve extra attention for anyone doing tax planning. Box 2 captures a 60-day rollover, which is why an indirect rollover that misses the deadline can create a reporting problem. Box 3 shows the dollar figure of a Roth conversion, which is the number a professional cross-checks against the income you report.
How does Form 5498 differ from Form 1099-R and Form 8606?
Form 5498 reports contributions in, Form 1099-R reports distributions out, and Form 8606 tracks your after-tax basis. Each answers a different question, and confusing them is a common source of reporting errors.
| Form | Who prepares it | What it covers |
|---|---|---|
| Form 5498 | IRA custodian | Contributions, rollovers, conversions, recharacterizations, year-end value, RMD flag |
| Form 1099-R | Plan or IRA custodian | Distributions, withdrawals, and the taxable portion paid out |
| Form 8606 | You (with your return) | Nondeductible (after-tax) IRA contributions and basis you carry forward |
Form 5498 is the only one of the three that your custodian files on your behalf. That is why keeping the copy matters: it is the paper trail that supports what you enter on Form 8606 when you have nondeductible contributions or run a backdoor Roth.
How does Form 5498 help you track IRA basis?
Form 5498 documents the contributions and conversions that build your basis, so it is a durable record even though it is not filed with your return. Basis is the after-tax money already inside your IRA, and getting it right is what keeps that money from being taxed twice on the way out.
For traditional IRA owners, the interplay of Box 1 (deductible or nondeductible contributions), Box 3 (conversions), and your Form 8606 filings tells the full story over time. Roth savers watch Box 10, which supports the record of contributions that back up a future qualified withdrawal. If you have ever wondered whether you even need to report the contribution, this explainer on reporting Roth IRA contributions on taxes walks through it.
What does Form 5498 tell you about required minimum distributions?
Box 11 flags that an RMD is due for the next year, and boxes 12a and 12b can show the RMD date and amount. That is the custodian’s way of prompting account owners who have reached RMD age so a deadline does not slip.
Under current rules, RMDs generally begin at age 73 for those born from 1951 to 1959, and at age 75 for those born in 1960 or later. Our guide to required minimum distributions in 2026 covers the timing in detail. This RMD flag is also one reason retirement tax strategy often looks at the years before RMDs begin, when some retirees in a lower-bracket year consider whether partial Roth conversions fit their plan.
What should you check when your Form 5498 arrives?
Compare the boxes against your own records before filing them away. A mismatch between what the custodian reported and what you did is the kind of thing that surfaces later as an IRS notice.
- Confirm Box 1 or Box 10 matches the contribution you actually made for the year, and that it does not exceed the 2026 IRA contribution limit of $7,500 ($8,600 at age 50 and older). An overage can trigger an excess contribution penalty.
- Check that any rollover shows in Box 2 and that a conversion to Roth appears in Box 3 for the right amount.
- If you undid a contribution, verify the recharacterization is captured in Box 4.
- Note the Box 5 year-end value and whether Box 11 is checked for a coming RMD.
Planning around conversions and RMDs?
Form 5498 is a record, not a strategy. A financial professional can model how contributions, conversions, and RMD timing interact before you act. Learn more about Q3 Advisors and Craig Wear, CFP®.
Frequently asked questions about Form 5498
Do I need to file Form 5498 with my tax return?
No. Your IRA custodian files Form 5498 with the IRS and sends you a copy for your records. You do not attach it to your Form 1040, though you should keep it to support your basis records.
When will I receive Form 5498?
By May 31 of the year after the tax year it covers. It arrives after the April filing deadline because IRA contributions for a tax year can be made up to that deadline, so the custodian cannot finalize the form sooner.
What is the difference between Form 5498 and Form 1099-R?
Form 5498 reports money going into an IRA (contributions, rollovers, and conversions) and its year-end value. Form 1099-R reports money coming out (distributions). They track opposite directions of the same account.
What does Box 3 on Form 5498 mean?
Box 3 reports the amount you converted from a traditional IRA to a Roth IRA during the year. It is the figure a preparer cross-checks against the conversion income you report on your return.
Does Form 5498 report my Roth IRA contributions?
Yes. Box 10 reports Roth IRA contributions made for the year. Keeping these copies helps you document the contribution history that supports a future qualified Roth withdrawal.
Why is Box 11 checked on my Form 5498?
A checked Box 11 means the custodian has flagged that a required minimum distribution is due from that IRA for the following year. Boxes 12a and 12b may also show the RMD date and amount.
Should I keep old Forms 5498?
Yes. They document contributions, conversions, and basis over time. That record is valuable years later when you calculate the taxable portion of a distribution or reconcile Form 8606.
This article is for educational purposes only and is not individualized investment, tax, or legal advice. Consult a qualified professional about your specific situation.
