Form 5498 reports your IRA contributions to the IRS

Form 5498 is a document your IRA custodian (usually a bank or brokerage) sends to you and the IRS each year. It reports how much money you put into your IRA during the tax year, what type of IRA it is, and the current value of your account. The IRS uses this form to verify that your contributions stay within the legal limits and that you are following the rules for that type of account.

You will receive Form 5498 by May 31 of the year after you make contributions. For example, contributions you make in 2024 appear on the Form 5498 you receive in May 2025. This timing is different from W-2s and 1099s, which arrive by January 31, so many people are surprised when the form shows up later in the spring.

Form 5498 is informational — you do not attach it to your tax return. The IRS receives its own copy directly from your custodian. You keep your copy for your records and to verify that the amounts reported match what you actually contributed.

Key Takeaways

  • Form 5498 reports your IRA contributions and account value to both you and the IRS, and arrives by May 31 of the following year.
  • The form covers all types of IRAs — Traditional, Roth, SEP, and SIMPLE — but the information reported differs slightly by type.
  • You do not file Form 5498 with your tax return; it is a record for your files and proof of contributions you made.
  • If the amounts on Form 5498 do not match your records, contact your custodian to request a corrected form before filing your return.

What information appears on Form 5498

Form 5498 lists your contributions broken down by type. For a Traditional or Roth IRA, it shows regular contributions and catch-up contributions (extra amounts allowed if you are age 50 or older). It also reports the fair market value of your IRA as of December 31 of that tax year.

For SEP IRAs and SIMPLE IRAs, the form reports employer contributions instead of (or in addition to) employee contributions, depending on the plan structure. If you rolled money from another retirement account into your IRA during the year, that rollover amount also appears on Form 5498.

The form includes a box for required minimum distributions (RMDs) if you are age 73 or older and must withdraw money from a Traditional IRA. This box tells the IRS that you have been notified of the requirement, though it does not mean you have actually taken the distribution yet.

Why the IRS receives Form 5498

The IRS limits how much you can contribute to an IRA each year. For 2024, the limit is $7,000 for people under 50 and $8,000 for people 50 and older (these limits change annually). If you contribute more than the limit across all your IRAs combined, you owe a penalty tax on the excess.

Form 5498 helps the IRS track whether you are staying within these limits. If you have multiple IRAs at different institutions, each custodian reports only their own account, so the IRS uses the forms from all your custodians to add up your total contributions for the year.

The form also helps the IRS monitor whether people are following rules specific to each IRA type. For example, Roth IRAs have income limits for contributions, and Traditional IRAs have rules about when you must start taking distributions. Form 5498 provides the IRS with baseline information to spot potential violations.

How Form 5498 differs from Form 1099-R

Form 5498 and Form 1099-R both relate to IRAs, but they report different events. Form 5498 reports money going into your IRA (contributions and rollovers). Form 1099-R reports money coming out of your IRA (distributions and withdrawals).

You may receive both forms in the same year. For example, if you contributed $6,000 to your IRA and also withdrew $10,000, you would get Form 5498 (reporting the $6,000 in) and Form 1099-R (reporting the $10,000 out). Both are informational forms you do not file with your return, though the 1099-R withdrawal amount may affect your tax liability.

What to do if Form 5498 contains errors

Check the amounts on Form 5498 against your own records of contributions you made. If the form shows a different amount than what you contributed, or if it lists a contribution you never made, contact your IRA custodian right away.

Ask the custodian to issue a corrected Form 5498 (marked as a correction). They will send the corrected version to you and the IRS. This usually takes a few weeks. If you have already filed your return and then discover an error on Form 5498, you can file an amended return (Form 1040-X) once you have the corrected form.

Keep copies of your contribution records — deposit confirmations, transfer receipts, or statements from your custodian — to support what you reported. If the IRS questions your contributions later, these documents prove what you actually put in.

Form 5498 and your tax return

You do not report the information from Form 5498 directly on your tax return. Instead, you use Form 5498 to verify that your contributions are correct before you file.

However, if you claim a deduction for Traditional IRA contributions on your return, you need to make sure the amount you deduct matches what Form 5498 reports. If you deduct $7,000 but Form 5498 shows only $5,000, the IRS will notice the discrepancy. The deduction is limited by your income and whether you (or your spouse) have access to a workplace retirement plan, so Form 5498 serves as the IRS's check that you did not over-deduct.

For Roth IRAs, contributions are not deductible, so Form 5498 does not affect your deductions. However, the IRS still uses it to confirm you stayed within contribution limits based on your income.

When you might not receive Form 5498

If you did not make any contributions to your IRA during the tax year and did not roll money in, your custodian may not send you a Form 5498. Some custodians send the form anyway to report the account value; others skip it if there was no activity.

If you closed your IRA during the year, you will receive a Form 1099-R for the distribution, not a Form 5498. If you transferred money from one IRA to another at the same institution (not a rollover from a different custodian), the form may show the transfer but not as a contribution.

If you believe you should have received Form 5498 and did not, contact your custodian to confirm whether a form was issued. You can also check the IRS website or call the IRS if you need a copy of a form your custodian sent.

Frequently Asked Questions

Do I need to attach Form 5498 to my tax return?

No. Form 5498 is an informational document. You keep it for your records, but you do not file it with your return. The IRS receives its own copy directly from your custodian.

What if I made contributions to multiple IRAs in the same year?

Each custodian reports only the contributions to the IRA they hold. You are responsible for tracking your total contributions across all IRAs to make sure you do not exceed the annual limit. The IRS uses all the Form 5498s you receive to verify your total.

When should I expect to receive Form 5498?

Form 5498 must arrive by May 31 of the year following the tax year. For 2024 contributions, you should receive the form by May 31, 2025. Some custodians send it earlier, but May 31 is the deadline.

Can I amend my IRA contribution after I receive Form 5498?

You can make contributions up until the tax return deadline (usually April 15 of the following year), even if you have already received Form 5498. If you make a late contribution, ask your custodian to issue an amended Form 5498. You can then file an amended return if needed.

What does the RMD box on Form 5498 mean?

The RMD (required minimum distribution) box indicates that your custodian has notified you that you must withdraw money from your Traditional IRA because you have reached age 73. It does not mean you have taken the distribution; it means you have been informed of the requirement.