What Is Form 5498: IRA Contribution Information?

IRS Form 5498: IRA Contribution Information is a tax form to report Individual Retirement Account(IRA) account details to the Internal Revenue Service (IRS). Your IRA custodian or trustee sends this form to the IRS and you.

The document is for informational purposes only and you don't need to file it with their tax return. Form 5498 details IRA contributions, required minimum distributions (RMDs), Roth IRA conversions, rollovers, and the fair market value (FMV) of IRA accounts.

Who Receives Form 5498?

Form 5498 is issued to individuals with the following types of IRAs:

• Traditional IRAs
• Roth IRAs
• SEP IRAs
• SIMPLE IRAs
• Deemed IRAs

Deemed IRAs are employee contribution plans set up as traditional or Roth IRAs that are tacked on to an employer’s qualified retirement plan.

The form is issued by your IRA trustee or custodian and must be sent to both you and the IRS by May 31, following the year the contributions were made. You don’t need to include Form 5498 with your tax return, but it's important to keep it for your records.

All pages of Form 5498 are available on the IRS website.

What's Included on Form 5498

1. IRA Ownership and Type

Form 5498 includes information (name, address, and federal identification number) about the trustee and the account holder. The type of IRA (Traditional, Roth, SEP, or SIMPLE) is indicated by a checkmark in Box 7 of the form.

2. Contributions

All IRA contributions for the year from all types of IRAs are added together, with the total entered in Box 1. There are separate boxes for Roth (Box 10), SEP (Box 8), and SIMPLE IRAs (Box 9). Deemed IRAs are treated as regular IRAs and may be traditional or Roth IRAs.

3. Rollovers

Rollover contributions are reported in Box 2. A rollover allows funds from another retirement account to be transferred into your IRA. Only one rollover is permitted within a 12-month period for IRAs, but there is no cap on the dollar amount of the rollover.

A taxpayer who claims a deduction that is greater than the amount reported on Form 5498 likely will receive a letter from the IRS referencing the discrepancy. The letter will ask for additional taxes, interest, and penalties for any tax underpayment resulting from the deduction in excess of the amount reported on the form.

4. Roth IRA Conversions and Recharacterizations

Conversions to Roth IRAs are shown in Box 3. The amount converted to this type of IRA does not limit the amount that can be contributed annually to an IRA, including a Roth IRA.

As of 2018, recharacterizations (changing a Roth contribution to a traditional IRA contribution) are no longer allowed, but you can still convert a traditional IRA to a Roth.

To do this, simply instruct the trustee of the institution holding your IRA to transfer your contribution amount plus earnings to a different type of IRA, either with the same trustee or a different trustee. Recharacterized contributions are entered in Box 4 of Form 5498.

5. Required Minimum Distributions (RMDs)

If you are 73 or older (for those born between 1951 and 1959) or 75 (for those born in 1960 or later), you must take annual required minimum distributions (RMDs). This rule also applies to surviving spouses and minor children who inherit an IRA and elect not to roll it over into an account of their own or withdraw funds on a five-year schedule.

RMDs for the current year are based on the account holder's age and on the fair market value of the account as of Dec. 31 of the prior year. This amount is reported in box 5 of Form 5498.

The form notes (via Box 11) whether an RMD is required for the year in which you receive the form—for example, the 2023 form notes whether an RMD is necessary for 2024. Form 5498 also reports the amount of the RMD that should be taken, based on certain calculations made by the trustee (Box 12b) and the date for the RMD (Box 12a).

To facilitate RMDs, the form is required to be furnished by Jan. 31 (or the nearest business day), showing the account’s value as of the previous Dec. 31.

IRA Taxable Distributions

If you took a distribution from your IRA of more than $10, you’ll receive a Form 1099-R: Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRA, Insurance Contracts, etc. Information from this form helps you report the distribution and what portion of it is taxable.

The Bottom Line

Form 5498 is an informational document that reports your IRA contributions, rollovers, Roth conversions, and RMDs. You don’t need to file this form with your tax return, but it’s important to keep it with your tax records. If you made any contributions or rolled over funds into your IRA, your custodian will send you this form by May 31 each year.