IRS Form 5498 reports the fair market value of your IRA and any contributions or rollovers made during the year. Your financial institution sends this information directly to the IRS, and you receive a copy for your records.
When You May Receive a Form 5498
You may receive a Form 5498 if any of the following occurred (not an exhaustive list):
- You contributed to an IRA (Traditional, Roth, SEP, or SIMPLE).
- You rolled over assets from a qualified retirement plan—such as a 401(k)—into an IRA.
- You completed an indirect rollover between IRAs.
- You recharacterized an IRA contribution.
- You were required to take a Required Minimum Distribution (RMD).
- You are the owner or beneficiary of an Inherited IRA. In these cases, a Form 5498 is generated for both the deceased owner and the beneficiary.
Why Form 5498 Arrives in May
Form 5498 is mailed in May, after the April tax filing deadline. This timing allows the form to include any IRA contributions made between January 1 and the tax filing deadline that were designated for the prior tax year.
Do You Need to File Form 5498 With Your Taxes?
No. Form 5498 is for your records only. You don’t need to file it with your tax return. Your financial institution sends the information directly to the IRS.
A Quick Reminder
This information is meant to help you prepare for tax season. For guidance on your specific situation, please consult a qualified tax professional or visit IRS.gov.
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