Form 5498 is the IRA contribution report your bank or brokerage sends to you and the IRS each year

Form 5498 documents how much money you put into an individual retirement account (IRA) during the tax year. Your IRA provider — the bank, brokerage, or financial institution holding your account — sends you a copy by May 31 each year, and they send a copy to the IRS at the same time. The form shows contributions you made, conversions from other retirement accounts, and the fair market value of your account on December 31.

You do not use Form 5498 to report your own contributions on your tax return. Instead, you report IRA contributions yourself on Form 1040 or Form 1040-SR when you file taxes. Form 5498 is the IRS's record that your provider reported the same information, so the two match. If you made contributions your provider did not report, or if there is a discrepancy, the IRS will catch it during processing.

Form 5498 also tracks required minimum distributions (RMDs) — the money you must withdraw from a traditional IRA once you reach age 73. If you did not take your RMD, the form will show that fact, and the IRS uses it to enforce the penalty for missing withdrawals.

Key Takeaways

  • Form 5498 is sent by your IRA provider to you and the IRS by May 31 each year and shows contributions, conversions, and account value.
  • You report your own IRA contributions on your tax return; Form 5498 is the provider's separate record to the IRS, not your filing document.
  • The form tracks whether you took a required minimum distribution if you own a traditional IRA and are age 73 or older.
  • If Form 5498 shows incorrect information, contact your IRA provider to request a corrected form before the IRS processes your return.

What information appears on Form 5498

Form 5498 has numbered boxes, each reporting a different piece of information about your IRA activity. Box 1 shows regular contributions you made to a traditional or Roth IRA. Box 2 shows rollover contributions — money you moved from another retirement account into this IRA. Box 3 shows conversions, which occur when you move money from a traditional IRA into a Roth IRA.

Box 5 displays the fair market value of your IRA on December 31 of that tax year. This is the total balance, not a contribution or withdrawal. Box 7 shows whether you were required to take a minimum distribution that year and whether you actually took it. If you were required to withdraw money and did not, this box will be marked, and the IRS will know you owe a penalty.

The form also includes your name, Social Security number, and the account number assigned by your provider. Make sure all this information is correct. If you spot an error, call your IRA provider and ask them to issue a corrected Form 5498 before the tax filing deadline.

The difference between Form 5498 and Form 1099-R

Form 5498 and Form 1099-R both relate to IRAs, but they track different transactions. Form 5498 reports money going into your account — contributions and conversions. Form 1099-R reports money coming out — withdrawals and distributions you took during the year.

You will receive Form 1099-R if you withdrew money from your IRA, took a required minimum distribution, or received a distribution from an inherited IRA. You will receive Form 5498 every year you have an active IRA, regardless of whether you made a contribution that year. Some years you may receive both forms if you both contributed and withdrew money.

When you file your tax return, you use Form 1099-R to report distributions you received. You use your own records or Form 5498 to report contributions you made. The IRS cross-checks both forms against your return to make sure the numbers match.

When you receive Form 5498 and what to do with it

Your IRA provider must send Form 5498 to you by May 31 of the year following the tax year being reported. For example, contributions you made in 2024 will appear on a Form 5498 you receive by May 31, 2025. The provider sends a copy to the IRS on the same deadline.

Keep Form 5498 with your tax records for at least three years. You do not need to attach it to your tax return or send it to the IRS — they already have a copy. However, if you are audited or if there is a question about your contributions later, having the form on file proves what your provider reported.

If you do not receive Form 5498 by early June, contact your IRA provider. They may have sent it to an old address, or there may be a delay in processing. Ask them to resend it or confirm they filed it with the IRS under your correct Social Security number.

Correcting errors on Form 5498

If Form 5498 shows the wrong contribution amount, the wrong account value, or incorrect personal information, contact your IRA provider immediately. Ask them to issue a corrected Form 5498, which will be marked as a correction and sent to both you and the IRS. Do not file your tax return until you have the corrected form and can verify the numbers match your records.

Common errors include contributions reported under the wrong tax year, conversions listed as regular contributions, or the wrong account balance on December 31. Your provider can usually correct these within one to two weeks if you call before the May 31 deadline. If you file your return before the correction is issued, you may need to file an amended return once the corrected form arrives.

Form 5498 and your tax return

You do not write Form 5498 information directly onto your tax return. Instead, you report IRA contributions on Form 1040 or Form 1040-SR in the section for retirement savings contributions. You enter the total amount you contributed to all your IRAs during the year, whether traditional or Roth.

The IRS uses Form 5498 to verify that the number you reported matches what your provider reported. If there is a mismatch — for example, you reported a $5,000 contribution but Form 5498 shows $3,000 — the IRS will send you a notice asking for an explanation. This is why it is important to keep Form 5498 and make sure the information is correct before you file.

If you contributed more than the annual limit (which varies by year and age), Form 5498 will show the excess, and you may owe a penalty. The IRS catches this by comparing your return to Form 5498, so do not assume an overage will go unnoticed.

Frequently Asked Questions

Do I need Form 5498 to file my taxes?

No. You report your own IRA contributions on your tax return using your own records. Form 5498 is the provider's record to the IRS. However, you should keep Form 5498 on file to prove what you reported if the IRS ever questions your contributions.

What if I did not receive Form 5498?

Contact your IRA provider and ask them to resend it or confirm they filed it with the IRS. If they cannot locate it, ask them to issue a duplicate. Do not file your tax return without verifying your contributions with your provider, or the IRS may flag a mismatch later.

Can I file my taxes before I receive Form 5498?

You can file before receiving it if you know your contribution amount from your own records. However, if Form 5498 later shows a different amount, you may need to file an amended return. It is safer to wait until you have the form and can verify the numbers match.

Does Form 5498 show how much I can deduct?

No. Form 5498 shows only what you contributed. Whether you can deduct that contribution depends on your income and whether you have a workplace retirement plan — rules the IRS publishes separately. You determine deductibility yourself when you file your return.

What does it mean if Box 7 on Form 5498 is marked?

Box 7 indicates you were required to take a minimum distribution that year. If it is marked and you did not take the distribution, you owe a penalty equal to 25 percent of the amount you should have withdrawn (or 10 percent if you correct it within two years). Contact a tax professional or the IRS if you missed an RMD.