Guides
Form 5498 Explained: IRA Contribution Information
Form 5498 is the IRS document your IRA custodian files to report your IRA contribution information: contributions, rollovers, Roth conversions, recharacterizations, the year-end fair market value (FMV), and whether a required minimum distribution (RMD) applies. Your custodian sends it to you and the IRS by May 31, after the April contribution deadline passes. You do not file it with your tax return. It is informational only.
What Form 5498 reports
Form 5498 reports every money-in event and status flag for your IRA during the year: regular contributions, rollovers, Roth conversions, recharacterizations, SEP and SIMPLE contributions, the December 31 fair market value, and RMD indicators. Your custodian (the bank, broker, or trustee holding the account) prepares it. Each IRA you hold generates its own Form 5498.
The form separates contributions by type because each type has different tax treatment. A traditional IRA contribution may be deductible; a Roth contribution is not. A rollover is not taxable if done correctly; a conversion is. The IRS uses the boxes to cross-check what you claim on your return.
Box-by-box summary
| Box | What it reports |
|---|---|
| 1 | Traditional IRA contributions for the tax year (made during the year or by the April deadline) |
| 2 | Rollover contributions, including direct rollovers into the IRA |
| 3 | Roth conversion amount (traditional to Roth) |
| 4 | Recharacterized contributions |
| 5 | Fair market value (FMV) of the account on December 31 |
| 6 | Life insurance cost in an endowment contract |
| 7 | Account type checkbox (IRA, SEP, SIMPLE, Roth IRA) |
| 8 | SEP IRA contributions |
| 9 | SIMPLE IRA contributions |
| 10 | Roth IRA contributions |
| 11 | Checkbox: an RMD is required for the coming year |
| 12a / 12b | RMD deadline date and RMD amount (optional) |
| 13a / 13b / 13c | Postponed or late contribution amount, year, and reason code |
| 14a / 14b | Repayment amount and code (for example, a qualified disaster or birth/adoption distribution repaid) |
| 15a / 15b | Value of certain hard-to-value assets and their type code |
Contributions: how each type is coded
Regular traditional IRA contributions land in Box 1; Roth contributions in Box 10; SEP in Box 8; SIMPLE in Box 9. The custodian reports the amount actually posted to the account for that tax year, including contributions made up to the April deadline of the following year. This is why the form can only be finalized after mid-April.
The contribution boxes report the gross amount you put in, not the deductible amount. Deductibility depends on your income, filing status, and workplace plan coverage, which the custodian does not know. You determine the deduction on your return. If you made nondeductible traditional contributions, you separately track basis on Form 8606, which the custodian also does not prepare for you.
Rollovers and conversions
Box 2 captures rollover contributions, including direct (trustee-to-trustee) rollovers and 60-day rollovers deposited into the IRA. Box 3 captures Roth conversions, meaning amounts moved from a traditional IRA into a Roth IRA. These are reported separately because a rollover is generally not taxable while a conversion is taxable in the year it occurs.
The 5498 shows the money arriving; the matching Form 1099-R shows the money leaving the source account. The IRS pairs them. If you did a backdoor Roth IRA, Box 2 or Box 3 on the 5498 documents the conversion side, and you report the mechanics on Form 8606.
Recharacterizations (undoing a contribution by treating it as if made to the other IRA type) appear in Box 4. Note that recharacterizing a conversion is no longer permitted; recharacterizing a regular contribution still is.
Fair market value (Box 5) and why it matters
Box 5 reports the fair market value of the account on December 31. The custodian must report this value every year for every IRA, even in a year with no contributions. The FMV feeds two things: RMD calculations for account owners subject to distributions, and the IRS’s view of total IRA assets.
For an IRA holding only publicly traded stocks or funds, FMV is straightforward. For a self-directed IRA holding real estate, private notes, or other hard-to-value assets, the custodian may report those values in Box 15a with a type code in Box 15b, a flag the IRS added to watch valuation abuse.
RMD information (Boxes 11 and 12)
Box 11 is a checkbox the custodian marks when you must take a required minimum distribution in the coming year. RMDs generally begin at age 73 under current law. Boxes 12a and 12b optionally state the RMD deadline and the calculated RMD amount, though the custodian is not required to compute the dollar figure for you.
The 5498 does not report the RMD you actually took; that distribution shows up on Form 1099-R instead. If you miss an RMD, the shortfall can trigger an excise tax reported on Form 5329. The Box 11 flag is an early warning, not a receipt.
Why Form 5498 arrives in May, after you file
Form 5498 is due to the IRS and to you by May 31, weeks after the April tax deadline. The reason is timing: you can make prior-year IRA contributions up to the April filing deadline (generally April 15). The custodian cannot finalize your total contributions until that window closes, so the IRS sets the reporting deadline in late May.
This means you often file your return before the 5498 arrives, which is fine. You already know what you contributed from your own records and account statements. The 5498 is the custodian confirming those numbers to the IRS after the fact.
| Form | Reports | Typical deadline to you |
|---|---|---|
| W-2 | Wages, withholding | January 31 |
| 1099-R | IRA/plan distributions (money out) | January 31 |
| 5498 | IRA contributions and value (money in) | May 31 |
It is informational only: what to do with it
Form 5498 is not filed with your return and does not need to be attached to anything. Keep it with your tax records. Use it to confirm that your custodian reported the same contribution amounts you claimed, and retain it as proof of nondeductible basis and rollover treatment in case the IRS ever asks.
The one action worth taking: reconcile it. If Box 1 or Box 10 does not match what you deducted or reported, or if a rollover you intended shows up as a taxable amount somewhere, contact the custodian before the discrepancy becomes an IRS notice. Because the IRS receives its own copy, a mismatch can surface years later.
Frequently asked questions
Do I need Form 5498 to file my taxes?
No. Form 5498 is informational only and is not attached to your return. You can file before it arrives using your own contribution records. Its main value is confirmation: it lets you verify that your custodian reported the same IRA contribution and rollover amounts to the IRS that you claimed on your return.
Why did I get Form 5498 in May instead of January?
Because IRA contributions for a tax year can be made up to the April filing deadline. Custodians must wait until that window closes before finalizing your total contributions, so the IRS sets the 5498 deadline at May 31. This is normal and does not delay your filing, since the form is not needed to prepare your return.
What is the difference between Form 5498 and Form 1099-R?
Form 5498 reports money going into your IRA: contributions, rollovers, conversions, and year-end value. Form 1099-R reports money coming out: distributions, including the RMD you took. The IRS pairs the two to confirm that a reported rollover or conversion moved between accounts correctly rather than becoming a taxable withdrawal.
Does Form 5498 report my RMD?
Not the amount you took. Box 11 is a checkbox flagging that an RMD is required for the coming year, and Boxes 12a and 12b may state the deadline and calculated amount. The distribution you actually take is reported on Form 1099-R, not the 5498. A missed RMD may trigger an excise tax reported on Form 5329.
What is fair market value in Box 5 for?
Box 5 shows the account balance on December 31. Custodians report it every year, even with no contributions. The value drives RMD calculations for owners subject to distributions and gives the IRS a running picture of IRA assets. Hard-to-value assets in a self-directed IRA may also appear in Box 15a with a type code.
Do I get a Form 5498 if I made no contributions?
Often yes. If the account had a fair market value on December 31 or an RMD requirement, the custodian still files Form 5498 to report the value and check any RMD box, even without a contribution. A year with zero activity and zero balance generally would not generate one.
Does a Roth conversion show up on Form 5498?
Yes. A conversion from a traditional IRA to a Roth IRA is reported in Box 3, and the amount landing in the Roth may also appear as a rollover in Box 2 depending on the custodian. Because a conversion is taxable, you report the mechanics on Form 8606, and the source distribution appears on Form 1099-R.
Reviewed by The Ledgerism Editorial Team. Last reviewed: July 2026.