What Is Form 5498? Everything you need to know about IRA Contribution

What is Form 5498, Individual Retirement Arrangements (IRA)? File 5498 for payments made in settlement of a reportable payment transaction.

Key Takeaways

• Form 5498 is like a receipt for the IRA activity. It doesn’t require any action but is a helpful reference for tracking contributions, rollovers, and account balances.
• The financial institution issues Form 5498. 
• The form is purely informational—recipients don’t have to file it with the tax return.

 

What is Form 5498?

Form 5498 is an informational return (tax document) that a financial institution files with the IRS to report contributions made to the IRA during the tax year. It covers contributions to traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs, along with rollovers and conversions. While the IRS gets this information directly, the recipients also receive a copy for their records.

Purpose of Form 5498

When Do You Need to File Form 5498?

5498 is used to report individual retirement arrangements. Contributions to any IRA must be reported on Form 5498.

This includes: 

• Reportable contributions to an IRA
• If you converted from an IRA to a Roth IRA, the total amount must be reported 
• If an IRA is revoked or an account is closed, the contributions must be reported 

The IRA includes all investments under one plan. Therefore, it is not necessary to file a 5498 for each investment. However, if a participant has established more than one IRA plan with the same trustee, a separate plan must be filed for each plan. 

 

Form 5498 Deadlines 2024 Tax Year

The following are the due dates for each filing type. Forms must be transmitted to the IRS before the deadline.

Filing Type	Due Date
Recipient Copy: (Only for FMV & RMD)	January 31
Recipient Copy: (Other types of IRAs)	May 31
IRS eFile	May 31
IRS Paper Filing	May 31

 

If a due date falls on a weekend or holiday, it will be due the next business day. Considering the tax year 2024, May 31, 2025, falls on a weekend (Saturday). Therefore, the deadline shifts to the next working day, i.e., June 2, 2025.

 

Form 5498 Filing Instructions 

 

Information to Report:

• Contributions: Include contributions to traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs.
• Rollovers and Conversions: Report any rollovers or conversions to IRAs.
• Fair Market Value: Report the fair market value of the IRA account as of December 31.

 

Box by box Instructions

Box 1: IRA Contributions (other than amounts in boxes 2-4, 8-10, 13a, and 14a).

Box 2: Rollover Contributions.

Box 3: Roth IRA Conversion Amount.

Box 4: Recharacterized Contributions.

Box 5: Fair Market Value of Account.

Box 6: Life Insurance Cost Included in Box 1.

Box 7: IRA Type (check the appropriate box for traditional, SEP, SIMPLE, or Roth IRA).

Box 8: SEP Contributions.

Box 9: SIMPLE Contributions.

Box 10: Roth IRA Contributions.

Box 11: RMD (Required Minimum Distribution) Date.

Box 12a: RMD Amount.

Box 13a: Postponed Contribution.

Box 13b: Year for Which Postponed Contribution Was Made.

Box 13c: Code for Postponed Contribution.

Box 14a: Repayments.

Box 14b: Code for Repayments

 

How to eFile 5498 for the tax year 2024?

You can eFile Form 5498 Online for the year 2024 using Tax1099. 

Step 1: Select Form 5498
Select Form 5498 from the Tax1099 dashboard to file for the 2024 tax year.

Step 2: Enter Form 5498 Information
Enter the required Form 5498 information in the respective fields.

Step 3: Review and Transmit to the IRS
Review the 5498 form summary and transmit it to the IRS.

Note: You can deliver recipient copies via postal mail or online access (IRS-compliant eDelivery).

We’ll email you updates about the status of your forms. You can also track the status directly from your dashboard.

Don’t wait for the deadline.

eFile Now