A 5498 reports what you put into your IRA during the tax year

Form 5498 is an IRA Contribution Statement that your financial institution sends to you and the IRS. It shows how much money you deposited into a traditional IRA, Roth IRA, SEP-IRA, or SIMPLE IRA during the calendar year. The form also reports any rollovers or conversions you made between IRA accounts.

You receive a 5498 whether or not you actually made contributions that year — your IRA custodian (the bank, brokerage, or investment firm holding your account) is required to send one annually. The form arrives by May 31 of the year following the tax year it covers. For example, contributions you made in 2024 appear on a 5498 you receive by May 31, 2025.

The 5498 is informational only. You do not attach it to your tax return, and it does not by itself reduce your taxes. What matters for your taxes is whether you actually deducted those contributions on your return — and that depends on your income, filing status, and whether you have access to a workplace retirement plan.

Key Takeaways

  • Form 5498 shows contributions, rollovers, and conversions your IRA custodian recorded for you during the tax year.
  • The form arrives by May 31 of the following year and is sent to both you and the IRS for record-matching purposes.
  • A 5498 does not reduce your taxes by itself — you must claim the deduction on your tax return if you are may have access to to one.
  • Your custodian reports contributions you made up to the tax filing deadline (usually April 15), even though the 5498 covers the calendar year.

What appears on the 5498

The 5498 has numbered boxes that report different types of IRA activity. Box 1 shows regular contributions you made to a traditional or Roth IRA. Box 2 reports rollover contributions — money you moved from another IRA or retirement plan into this one. Box 3 shows conversions, which occur when you move money from a traditional IRA into a Roth IRA.

Box 5 reports the fair market value of your IRA on December 31 of that year. This is the total balance, not the contribution amount. Boxes 7 and 8 appear only if you made SEP-IRA or SIMPLE IRA contributions through your employer or self-employment income. The form also includes your name, Social Security number, and the custodian's identification so the IRS can match it to your tax return.

Not every box will have a number. If you made no contributions but held the account, most boxes will be blank or zero. If you made a rollover but no new contributions, only the rollover box will show activity.

How the 5498 connects to your tax return

The IRS uses the 5498 to verify that the deduction you claimed on your return matches what your custodian reported. If you deducted $7,000 in IRA contributions but your 5498 shows only $5,000, the IRS will notice the mismatch and may send you a notice asking for an explanation.

However, the 5498 does not automatically mean you can deduct those contributions. Whether you can deduct a traditional IRA contribution depends on your modified adjusted gross income (MAGI) and whether you or your spouse have access to a workplace retirement plan like a 401(k). Roth IRA contributions are never deductible, but they do appear on the 5498. The form simply documents what went in; your tax situation determines whether it reduces your taxes.

If you contributed more than the annual limit (currently $7,000 for those under 50, or $8,000 for those 50 and older), your custodian will report the full amount on the 5498. You are responsible for correcting an excess contribution, either by withdrawing the overage or carrying it forward to the next year if you are under the limit then.

When you receive the 5498 and what to do with it

Your custodian mails the 5498 by May 31 each year. You should receive it before you file your tax return, though the deadline is after most people have already filed. If you file early and have not received your 5498, you can contact your custodian to ask for an estimate or to confirm the contribution amount.

Keep the 5498 with your tax records for at least three years. The IRS can audit a return for up to three years after filing, and having the form on hand makes it easy to prove what you contributed if questions arise. You do not need to mail the 5498 to the IRS — your custodian sends a copy directly — but you should have your own copy for your records.

If the 5498 contains an error, contact your custodian immediately. They can issue a corrected form (marked as such) before the May 31 deadline, or they can file a corrected version with the IRS after the deadline if the error is discovered later.

5498 vs. 1099-R: which form reports what

The 5498 reports money going into your IRA. Form 1099-R reports money coming out of your IRA — withdrawals, distributions, and rollovers you initiated. You may receive both forms in the same year if you made contributions and also took a distribution.

A rollover creates a special situation. When you move money from one IRA to another, both forms may appear: the 5498 shows the incoming rollover, and the 1099-R shows the outgoing rollover from the account you moved it from. The IRS expects to see matching amounts on both forms so it knows the money did not disappear.

If you receive a 1099-R for a rollover, you must report it on your tax return even though it is not taxable income, because the IRS needs to see that the money was rolled over rather than withdrawn and kept. Failing to report a rollover can result in the IRS treating it as a taxable distribution.

Contributions made after the calendar year ends

You can contribute to an IRA for a tax year up until the tax filing deadline — usually April 15 of the following year. If you contribute in January through April for the prior tax year, your custodian will include it on that year's 5498, even though the calendar year has passed.

For example, if you contribute $3,000 in March 2025 for the 2024 tax year, it appears on your 2024 5498 (which you receive by May 31, 2025). Your custodian knows the contribution is for 2024 because you designate it as such when you make the deposit, or because the custodian's system defaults to the current tax year.

This timing matters if you are filing your 2024 return before April 15, 2025. You can still claim the deduction for contributions you plan to make before the deadline, but you must actually deposit the money by that date or the deduction is not valid.

Frequently Asked Questions

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

No. The 5498 is informational only. Your custodian sends a copy to the IRS, so the agency already has the information. You keep your copy for your records but do not mail it with your return.

What if I did not receive a 5498 but I know I made contributions?

Contact your custodian and ask them to resend it or confirm the contribution was recorded. If the contribution was made late (after December 31 but before the tax deadline), it may appear on the next year's 5498instead. If your custodian has no record, you will need documentation of the deposit to claim the deduction.

Can I deduct all the contributions shown on my 5498?

Not necessarily. The 5498 shows what went in, but deductibility depends on your income and access to a workplace retirement plan. If your income is too high, you may not be able to deduct traditional IRA contributions. Roth contributions are never deductible. Review the IRA deduction limits for your filing status to determine what you can actually claim.

What does it mean if my 5498 shows a rollover?

A rollover means money was transferred from another retirement account (another IRA, a 401(k), or similar plan) into this IRA. Rollovers are not taxable if done correctly. You should also receive a 1099-R from the account the money came from, showing the outgoing rollover.

Why did I get a 5498 if I made no contributions?

Your custodian sends a 5498 every year to report the account status, even if there was no activity. This is standard practice and helps the IRS maintain records of all open IRAs. If all boxes are blank or zero, it simply means no contributions or rollovers occurred that year.