Everything You Need to Know About Form 5498

What is Form 5498?
Form 5498 reports IRA activity, including annual contributions, rollovers, fair market value (FMV), and required minimum distributions (RMD) notices.

Who Files Form 5498?

• Filed by IRA trustees or custodians (banks, brokerages, etc.)
• Sent to the IRS and the taxpayer for informational purposes

When is Form 5498 Due?

• Financial institutions must file Form 5498 with the IRS by May 31 of the following year.
• Taxpayers typically receive it after the April 15 tax deadline, since contributions for the prior year can be made up to the filing deadline.

Key Information Reported

• Traditional, Roth, and SEP IRA contributions
• Rollovers and Roth conversions
• Fair Market Value (FMV) of the account
• Required Minimum Distributions (RMD)

Why is Form 5498 Important?

• Helps taxpayers confirm IRA contributions and rollovers were reported correctly
• Supports IRS oversight of retirement accounts
• Ensures compliance with contribution limits and distribution requirements