Form 5498: IRA Contribution Information
Report contributions to Individual Retirement Arrangements (IRAs), including Traditional, Roth, SEP, and SIMPLE IRAs.
Filing Deadline
May 31 (to IRA owner and IRS) - no extension for paper filing
Purpose
Report IRA contributions and account values
Important
May deadline is later than most 1099s
Overview
Form 5498 is issued by IRA custodians and trustees to report contributions made to Traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs. It also reports the fair market value of the account as of December 31.
The form is issued after tax filing season (due May 31) because contributions can be made up until the tax filing deadline (typically April 15) for the prior year.
Who Must File
Required Filers
- •IRA trustees and custodians (banks, brokerages, mutual funds)
- •Must file for each IRA that received contributions
- •Must file if IRA had an FMV over $0 on December 31
- •Required even if only reporting account value
Form Structure & Instructions
Here's what information is required in each section:
Contribution Information
IRA contributions by type
Account Value and RMDs
Year-end value and required distribution information
Important Filing Notes
Due After Tax Season
Form 5498 is due May 31, after most taxpayers have filed returns. This is because IRA contributions can be made up until the tax return deadline for the prior year (typically April 15).
Contribution Year Attribution
Box 13a shows what year contributions in Box 1, 8, 9, or 10 are for. Contributions made between Jan 1 and April 15 can be designated for the prior year.
Required Minimum Distributions
Box 11 indicates if RMD is required. Traditional IRAs require RMDs starting at age 73 (born 1951-1959) or 75 (born 1960+). Roth IRAs don't require RMDs during owner's lifetime.
Don't Amend Return for 5498
If you filed before receiving Form 5498 and correctly reported your contributions, you don't need to amend. The form is for IRS matching; you determine your deduction.
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