5498 Forms › What is Form 5498? IRA Contribution Information Reporting
At a Glance
Understanding IRS Form 5498
Form 5498 (IRA Contribution Information) is used by trustees and custodians of Individual Retirement Accounts (IRAs) to report contributions, rollovers, conversions, and the fair market value of the account. This form is filed for Traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs.
Unlike most information returns, Form 5498 has a May 31 deadline because IRA contributions for a tax year can be made until the April tax filing deadline.
Who Must File Form 5498?
Form 5498 must be filed by:
- IRA trustees and custodians (banks, brokerages, mutual fund companies)
- Issuers of individual retirement annuities
A separate Form 5498 must be filed for each IRA that received contributions, had a rollover, or had activity requiring reporting during the year.
Form 5498 Box Breakdown
Key boxes on Form 5498 include:
| Box | Description |
|---|---|
| 1 | IRA contributions (other than rollover, Roth, SEP, or SIMPLE) |
| 2 | Rollover contributions |
| 3 | Roth IRA conversion amount |
| 4 | Recharacterized contributions |
| 5 | Fair market value of account at year-end |
| 6 | Life insurance cost included in Box 1 |
| 7 | IRA type checkboxes (Traditional, Roth, SEP, SIMPLE) |
| 8 | SEP contributions |
| 9 | SIMPLE contributions |
| 10 | Roth IRA contributions |
| 11 | Required minimum distribution (RMD) checkbox |
| 12a | RMD date |
| 12b | RMD amount |
| 13a | Postponed contribution |
| 13b | Year of postponed contribution |
| 13c | Code for postponed contribution |
| 14a | Repayments |
| 14b | Code for repayments |
| 15a | FMV of certain specified assets |
| 15b | Code for specified assets |
Contribution Limits
IRA trustees report contributions regardless of whether they exceed annual limits. The IRS uses this information to verify that taxpayers have not exceeded contribution limits. For reference:
- Traditional and Roth IRAs: Annual limit applies (catch-up contributions allowed for age 50+)
- SEP IRAs: Up to 25% of compensation, subject to annual dollar limit
- SIMPLE IRAs: Employee elective deferrals plus employer contributions
Fair Market Value Reporting
Box 5 reports the fair market value (FMV) of the IRA as of December 31. This information is used to:
- Calculate required minimum distributions (RMDs)
- Determine basis in nondeductible contributions
- Track account growth for estate planning
Required Minimum Distribution (RMD) Indicators
Box 11 is checked if the account holder is required to take an RMD for the next year. Boxes 12a and 12b may be used to report the date and amount of the RMD.
E-File Form 5498 with BoomTax
E-file your Form 5498 with the IRS using BoomTax. Our platform is designed for IRA custodians and financial institutions that need to file these forms in bulk.
Import Your Form 5498 Data
You can import your data as Excel, XML, or use files from popular payroll providers like QuickBooks, UKG, ADP, and many more.
Step-By-Step Wizard
We walk you through the process with no complicated jargon. You can also live chat with a real person as you work on your filing for hands-on help.
E-File & Mail Employee Copies
Once your data is loaded, you can e-file and distribute employee copies in minutes.
Filing Deadlines
- Participant statement: May 31
- IRS filing: May 31
For details, see our Form 5498 due date guide.
Related Forms
- Form 1099-R: Reports IRA distributions
- Form 5498-ESA: Reports Coverdell ESA contributions
- Form 5498-SA: Reports HSA/MSA contributions
External Resources
Form 5498 Reporting Timeline
Tax Year
Contributions made Jan 1 - Dec 31
April 15
Last day for prior year contributions
May 31
Form 5498 due to IRS and participant
Complete
IRS receives contribution data
Frequently Asked Questions About Form 5498
Form 5498 has a May 31 deadline because IRA contributions for a tax year can be made until the April 15 tax filing deadline. This gives trustees time to receive all contributions and compile accurate data before filing with the IRS.
Yes, in most cases. Trustees must file Form 5498 to report the fair market value (FMV) of the IRA as of December 31, even if no contributions were made. This FMV is used for required minimum distribution (RMD) calculations. The only exception is if the account was closed during the year with no year-end balance.
Form 5498 reports contributions going INTO an IRA (deposits, rollovers, conversions), while Form 1099-R reports distributions coming OUT of an IRA (withdrawals, required distributions). Think of Form 5498 as the "money in" form and Form 1099-R as the "money out" form.
When Box 11 is checked, it indicates that the account holder is required to take a required minimum distribution (RMD) for the following year. This typically applies to individuals who have reached age 73 (or 72 if born before 1951). Boxes 12a and 12b may show the RMD date and amount.
Rollover contributions are reported in Box 2 and are separate from regular contributions in Box 1. Rollovers include transfers from other IRAs, qualified plans (401k, 403b), and 60-day indirect rollovers. Roth conversions are reported separately in Box 3.
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BoomTax and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors prior to engaging in any transaction.