Form 5498 is the information return IRA custodians send to report contributions, rollovers, Roth conversions, required minimum distributions and the year-end value of your IRA. You do not file it with your tax return, but it confirms what went into your account. Because IRA contributions for 2026 can be made until April 15, 2027, custodians generally send Form 5498 by June 1, 2027 (May 31 falls on a holiday weekend), with the year-end value statement and RMD notice by January 31. Here is how to read each box and why it matters.
What Each Box Reports
| Box | What it shows |
|---|---|
| 1 | Traditional IRA contributions, including those made January 1 to April 15 for the prior year |
| 2 | Rollover contributions |
| 3 | Roth conversion amount |
| 4 | Recharacterized contributions |
| 5 | Fair market value of the account on December 31 |
| 7 | Type of IRA (IRA, SEP, SIMPLE, Roth) |
| 8-9 | SEP and SIMPLE contributions |
| 10 | Roth IRA contributions |
| 11-12 | Whether an RMD is required for the next year and the amount or date |
| 13a-13c | Postponed or late rollover contributions and the reason code |
| 14a-14b | Repayments of certain distributions, such as qualified disaster, birth or adoption, or emergency distributions |
| 15a-15b | Value of certain hard-to-value assets held in the IRA, with a code |
Health savings accounts use a similar form, Form 5498-SA, and Coverdell ESAs use Form 5498-ESA.
Why It Arrives After You File
Because 2026 IRA contributions can be made through April 15, 2027, custodians wait until after the deadline to issue the final form. You can still file on time using your own records and contribution confirmations. If the form later shows a different amount, compare it with what you reported and amend if needed.
How It Connects to Your Tax Return
- Deductible traditional IRA contributions (Box 1) go on Schedule 1 if you qualify for the deduction. See traditional IRA contributions for 2026.
- Non-deductible contributions are reported on Form 8606. See IRS Form 8606.
- Rollovers (Box 2) should match a Form 1099-R from the paying plan, where you report the rollover as non-taxable.
- Roth conversions (Box 3) are taxable and reported from the Form 1099-R and Form 8606.
- Roth contributions (Box 10) are not deductible but establish your Roth basis.
Example
A 55-year-old contributes $3,600 to a traditional IRA in December 2026 and $5,000 in March 2027, designating it for 2026. She also rolls $40,000 from an old 401(k). Her 2026 form, sent by June 1, 2027, shows $8,600 in Box 1 (the $7,500 limit plus the $1,100 catch-up), $40,000 in Box 2 and her December 31, 2026 balance in Box 5. The rollover matches a 2026 Form 1099-R with code G, so it is not taxable.
RMD Information in Boxes 11 and 12
If you must take an RMD for the next year, Box 11 is checked, and Box 12 may show the amount and date. Custodians must send this notice by January 31. Use it to plan your withdrawal, but remember you are responsible for the correct amount, especially if you have several IRAs. See required minimum distribution rules for 2026.
Excess Contributions
Compare the form with your contribution limit. For 2026, the IRA limit is $7,500 ($8,600 at 50+), combined across traditional and Roth IRAs, per the IRS 2026 limits announcement. If you contributed too much, withdraw the excess and its earnings by your filing deadline, including extensions, to avoid a 6% excise tax each year it remains.
Should You Keep It?
- Keep every form that shows non-deductible traditional IRA contributions or Roth contributions; they prove your basis for future tax-free withdrawals.
- Keep forms showing rollovers and conversions until the money is withdrawn and the statute of limitations has passed.
- Year-end values are useful for RMD and pro-rata calculations.
Frequently Asked Questions
Do I file it with my tax return?
No. It is an information return for your records; the IRS also receives a copy.
When will I get Form 5498 for 2026?
Generally by June 1, 2027, because contributions for 2026 can be made until April 15, 2027. The RMD and year-end value statement comes by January 31.
Why does it show a rollover I didn’t make?
It may be a direct rollover from a 401(k) or a trustee-to-trustee transfer coded as a rollover. Compare it with your 1099-R and contact the custodian if it is wrong.
What is Form 5498-SA?
The HSA version, reporting HSA contributions and year-end value.
Final Thoughts
Form 5498 is easy to ignore, but it is your record of IRA contributions, rollovers and conversions. Check it against your tax return, keep copies that prove basis, and use the RMD notice to plan withdrawals.
Have questions about how this applies to your situation? Book a free consultation with Aric and get answers from a CPA.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
