Form 5498, IRA Contribution Information, is an information return that your IRA trustee or custodian files with the IRS each year. It reports IRA contributions, rollovers, Roth conversions, recharacterizations, fair market value (FMV) as of December 31, and required minimum distribution (RMD) indicators. You'll generally receive your copy in May because prior-year IRA contributions may be made through the tax filing deadline.
You do not file Form 5498 with your tax return.
Key point: Form 5498 confirms what your IRA custodian reported to the IRS. Keep it with your records to verify contributions, conversions, rollovers, and account values.
Quick Facts
Who files Form 5498?
Your IRA custodian or trustee files Form 5498 with the IRS and provides you a copy. You do not attach it to your tax return.
When will I receive it?
Generally, by May 31 following the tax year being reported.
What does it report?
Form 5498 reports activity involving:
- Traditional IRAs
- Roth IRAs
- SEP IRAs
- SIMPLE IRAs
- Roth SEP IRAs
- Roth SIMPLE IRAs
Reported items may include:
- Contributions
- Rollovers
- Roth conversions
- Recharacterizations
- Fair Market Value (FMV)
- RMD indicators
What Each Box Means
Box 1 – Traditional IRA Contributions
Reports contributions made to a Traditional IRA. Does not include Roth IRA contributions.
Box 2 – Rollover Contributions
Reports rollover contributions received by the IRA. [
Box 3 – Roth IRA Conversion Amount
Shows the amount converted from a Traditional, SEP, or SIMPLE IRA to a Roth IRA.
Box 4 – Recharacterized Contributions
Reports contributions moved from one IRA type to another through a recharacterization.
Box 5 – Fair Market Value (FMV)
Shows the value of the account as of December 31 of the tax year.
Box 10 – Roth IRA Contributions
Reports contributions made to a Roth IRA for the tax year. This includes eligible Roth IRA contributions made through the tax filing deadline and certain qualified 529 plan-to-Roth IRA rollovers.
Roth Tip: A value in Box 10 means Roth IRA contributions were made for that tax year. This information is generally not entered directly from Form 5498 into your tax return.
How Form 5498 Relates to Roth IRAs
Roth Contributions (Box 10)
Roth IRA contributions are not deductible. Form 5498 simply reports the contributions made and serves as your official record.
Do not enter Form 5498 on your return. Instead, keep it with your records to verify Roth IRA contributions and annual contribution limits.
Roth Conversions (Box 3)
If you convert funds from a Traditional, SEP, or SIMPLE IRA to a Roth IRA, the conversion amount is reported in Box 3.
The taxable portion of the conversion is generally determined using information reported on:
- Form 1099-R
- Form 8606
not from Form 5498.
Recharacterizations (Box 4)
If you recharacterize an IRA contribution, Form 5498 reports the amount received by the destination IRA.
A corresponding Form 1099-R is generally issued for the IRA from which the contribution was moved.
Roth IRA 5-Year Rules and Recordkeeping
Your historical Forms 5498 can help establish when Roth IRA contributions first began, which may be important when determining whether Roth distributions are qualified.
For qualified Roth distributions, generally both of the following must be met:
- The 5-year holding requirement is satisfied.
- A qualifying event applies, such as:
- Age 59½
- Disability
- Death
- Qualified first-time home purchase (up to applicable limits)
Keep all Forms 5498 as part of your long-term Roth IRA records.
Roth IRA Ordering Rules
For nonqualified Roth IRA distributions, withdrawals are generally treated in the following order:
- Contributions
- Conversions
- Earnings
These ordering rules determine whether any portion of a withdrawal may be taxable or subject to additional tax.
Do I Enter Form 5498 in TaxSlayer?
No.
Form 5498 is an informational document and is generally not entered into TaxSlayer.
Keep the form for your records to verify:
- IRA contributions
- Roth conversions
- Rollovers
- Recharacterizations
- Account values
Related Information You May Enter
Although Form 5498 itself is not entered, you may need to enter information about:
- Traditional IRA contributions
- Roth IRA contributions
- Contributions used to determine eligibility for the Saver's Credit
Use your own contribution records when entering this information rather than Form 5498. Because Form 5498 is generally issued after tax season, taxpayers often file before receiving it.
Common Scenarios
“I received Form 5498 in May. Do I need to amend my return?”
Usually no.
Form 5498 is informational. Receiving it after filing generally does not require an amended return unless you discover that your original return contained inaccurate information.
“My income was too high for a Roth IRA and I recharacterized my contribution.”
You will generally receive:
- Form 1099-R from the account that transferred the funds
- Form 5498 reporting the amount received by the destination IRA
Ensure the transaction is reported as a recharacterization rather than a Roth conversion.
“I completed a backdoor Roth conversion.”
Form 5498 reports the conversion amount in Box 3.
Any taxable portion is generally determined using Form 1099-R and Form 8606, applying the pro rata rules when applicable.
“I inherited a Roth IRA. How does Form 5498 help?”
Form 5498 may provide:
- Year-end FMV information
- Beneficiary-related reporting
- RMD indicators when applicable
For distribution rules and taxability, refer to the inherited IRA rules and the applicable IRS guidance.
“Where do I enter Box 10 Roth IRA contributions?”
You generally do not enter Form 5498 itself on your return.
Roth IRA contributions are not deductible. Use your own records when answering questions about IRA contributions or determining eligibility for credits such as the Saver's Credit.
“Do I file Form 5498 with my tax return?”
No. Your IRA custodian files Form 5498 with the IRS. You should keep your copy with your tax records.