What is reported on Form 5498?

Form 5498 reports: (1) IRA contributions (Box 1); (2) rollover contributions (Box 2); (3) Roth IRA conversions (Box 3); (4) FMV of the IRA at year-end (Box 5); (5) whether an RMD is required for the year (Box 11); (6) SEP and SIMPLE contributions (Boxes 8 and 9). The form is issued by the IRA custodian by May 31 (after the tax filing deadline).

How does Form 5498 help with backdoor Roth IRA tracking?

For backdoor Roth conversions, Form 5498 confirms the conversion amount (Box 3). The non-deductible traditional IRA contribution is tracked on Form 8606. The combination of Form 8606 (basis tracking) and Form 5498 (conversion confirmation) creates the documentation trail for the backdoor Roth. Ensure the client's Form 8606 is filed every year a non-deductible contribution is made.

What is the RMD notification requirement on Form 5498?

IRA custodians must indicate on Form 5498 whether an RMD is required for the year (Box 11). Custodians must also provide the RMD amount or offer to calculate it. This notification is required for all IRA owners who have reached their RMD age (73 or 75 under SECURE 2.0). The notification must be provided by January 31 of the RMD year.

Can a taxpayer contribute to an IRA after the tax filing deadline?

IRA contributions for a tax year can be made up to the tax filing deadline (April 15), not including extensions. If a contribution is made between January 1 and April 15, the taxpayer must designate which tax year the contribution is for. Form 5498 will reflect the contribution in the year it was made, which may differ from the tax year it was designated for.

How does Form 5498 interact with Form 8606?

Form 5498 reports the contribution amount; Form 8606 tracks the basis (non-deductible contributions). If a client made non-deductible IRA contributions, Form 8606 must be filed every year — even years with no contribution or distribution — to maintain the basis record. Lost basis records can result in double taxation when distributions are taken.

IRS Form — IRA Contribution Information

Form 5498 — IRA Contribution Information

Form 5498 is issued by IRA custodians to report IRA contributions, rollover contributions, Roth conversions, and the fair market value of the IRA. It is informational — the taxpayer does not file it with their return. For tax professionals, Form 5498 is important for verifying IRA contributions, tracking RMD requirements, and confirming rollover amounts.

✓ Verified 2026 Form 5498 Rules

✓ RMD Reporting Rules Confirmed

✓ Roth Conversion Reporting Confirmed

✓ Rollover Verification Rules Confirmed

May 31

Form 5498 Issued by Custodian (After Tax Deadline)

Box 2

Rollover Contributions — Verify Against 1099-R

Box 11

RMD Required — Indicates Client Must Take RMD

IRC §408(i)

IRA Reporting Authority

Key Rules and Authority

Rule	Detail
Issuance Deadline	May 31 (after tax filing deadline)
Box 1	IRA contributions
Box 2	Rollover contributions
Box 3	Roth IRA conversion amount
Box 11	RMD required this year
Box 12	RMD amount

How to Use Form 5498 in Tax Practice

Form 5498 is issued by May 31 — after the April 15 tax filing deadline — because IRA contributions can be made until the tax filing deadline for the prior year. This means the Form 5498 for a given tax year may not be available when the return is filed. Tax professionals should: (1) verify IRA contribution amounts using client records and bank statements rather than waiting for Form 5498; (2) cross-reference Box 2 (rollover contributions) with the Form 1099-R that reported the distribution to ensure the rollover was completed within 60 days; and (3) check Box 11 to identify clients who are required to take RMDs and ensure they have done so.

Frequently Asked Questions

My client received a Form 5498 showing a rollover contribution. Do they need to report anything on their tax return?

A rollover contribution shown on Form 5498 (Box 2) corresponds to a distribution reported on Form 1099-R. If the rollover was a direct rollover (Code G on Form 1099-R), it is not taxable and is simply reported on Form 1040 as a rollover. If it was an indirect rollover (the client received the funds and deposited them within 60 days), the 1099-R will show the gross distribution and any mandatory 20% withholding. The client must report the gross distribution as income and then subtract the rollover amount. The 20% withheld is treated as a tax payment — if the client rolled over the full gross amount (using other funds to make up the 20% withheld), they get the 20% back as a refund.

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Form 5498 — IRA Contribution Information

Key Rules and Authority

How to Use Form 5498 in Tax Practice

Frequently Asked Questions

Master IRA Compliance and Planning for Your Clients

Related Resources

Free Access for Tax Professionals

Form 5498 — IRA Contribution Information

Key Rules and Authority

How to Use Form 5498 in Tax Practice

Frequently Asked Questions

Master IRA Compliance and Planning for Your Clients

Related Resources