What Is IRS Form 5498?

Form 5498 is sent by your IRA custodian to report contributions made to your IRA account during the year. You receive a copy, and the IRS receives one too. Unlike most tax documents, you don't use Form 5498 directly on your tax return — it's more of a confirmation that your contributions have been reported to the IRS.

What It Reports

Box 1 shows traditional IRA contributions. Box 10 shows Roth IRA contributions. Box 2 shows rollover contributions — money you moved from another retirement account. Box 3 shows Roth IRA conversions. Box 5 shows the fair market value of your IRA as of December 31, which the IRS uses to track retirement savings.

Why It Arrives Late

Form 5498 is typically mailed in May, well after the April 15 filing deadline. That's because you can make IRA contributions for a tax year up until the tax filing deadline. So your custodian can't issue the form until after that deadline has passed. If you made your IRA contribution before you filed your return, the deduction (for traditional IRA contributions) was already reflected on your return.

Deductible IRA Contributions

If you contributed to a traditional IRA and you (or your spouse) don't have access to a workplace retirement plan, your contribution may be fully deductible. If you do have a workplace plan, the deductibility phases out at certain income levels. You don't need Form 5498 to claim the deduction — you just claim it on your return based on what you contributed.

Keeping Records

File your Form 5498 with your tax records each year. It can help resolve questions later about how much you contributed, whether a conversion was reported, or what the IRA was worth at year-end for RMD calculation purposes.

If you made a backdoor Roth IRA contribution, the 5498 will show both the traditional IRA contribution and the Roth conversion — make sure they're reported correctly on your return using Form 8606.