Custodian information statement
Form 5498 Guide
Read Form 5498 for IRA contributions, rollovers, conversions, recharacterizations, year-end fair market value, and RMD information.
5498
IRA Contribution Information
Decision point
Use this guide when
- You need to confirm an IRA contribution, rollover, Roth conversion, or recharacterization.
- You are reconstructing traditional IRA basis for Form 8606.
- You need the reported year-end fair market value or RMD indicator.
Read the document
Key boxes, columns, and parts
| Location | Label | What it means | Next destination |
|---|---|---|---|
| Box 1 | IRA contributions | Traditional IRA contributions reported by the trustee or custodian. | Keep with the form records. |
| Box 2 | Rollover contributions | Rollovers received by the IRA. | Keep with the form records. |
| Box 3 | Roth IRA conversion amount | Amounts converted to a Roth IRA. | Keep with the form records. |
| Box 4 | Recharacterized contributions | Contributions recharacterized between IRA types under applicable rules. | Keep with the form records. |
| Box 5 | Fair market value | Year-end value of the IRA reported by the trustee or custodian. | Relevant to Form 8606 and RMD records |
| Boxes 7-10 | IRA type and designated contributions | Identifies the IRA type and certain SEP, SIMPLE, and Roth IRA contributions. | Keep with the form records. |
| Box 11 | RMD checkbox | Indicates that an RMD is required for the following year under the form instructions. | Keep with the form records. |
| Boxes 12a/12b | RMD date and amount | May show the RMD date and amount if reported on the form. | Keep with the form records. |
Follow the amounts
From source document to tax return
-
1. Match the account and IRA type
Confirm the trustee, account, tax year, and type of IRA.
-
2. Reconcile contribution activity
Compare contributions, rollovers, conversions, and recharacterizations with your records.
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3. Preserve basis evidence
Keep Form 5498 with prior Forms 8606 and contribution records. Open the related tool →
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4. Review RMD information
Compare the RMD indicator and amount with the applicable RMD rules and account records. Open the related tool →
Before filing
Four checks that prevent common errors
- Keep Form 5498; do not attach it to Form 1040.
- A contribution reported after the return due date can still relate to the prior tax year when properly designated.
- Reconcile conversion amounts with Form 1099-R and Form 8606.
- Do not treat the RMD checkbox as a substitute for reviewing beneficiary and plan-specific rules.
Continue the workflow
Related guides and calculators
Common questions
Form 5498 FAQ
Why did Form 5498 arrive after I filed?
Form 5498 is an information return filed by the IRA trustee or custodian, and contribution reporting can occur after the individual income tax filing deadline. Keep it and reconcile it with the contribution claimed.
Is Form 5498 taxable income?
No. It reports IRA contribution and account information. A related distribution or conversion can have tax consequences reported on other forms.
What is the difference between Forms 5498 and 1099-R?
Form 5498 generally reports contribution and account information; Form 1099-R reports distributions.