5498

What is Form 5498?

Form 5498 is an informational statement that your IRA provider files with the IRS. It outlines your tax-deductible contributions made to your Individual Retirement Arrangement (IRA) during the tax year.

Purpose of Form 5498

• Reports the fair market value of your IRA.
• Includes details about contributions, required minimum distributions (RMDs), Roth IRA conversions, and rollovers.
• Anyone who owns an IRA should receive Form 5498 each year for each IRA they own.
• It covers traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs.

Two statements, two dates

Trustees must furnish the fair-market-value/RMD statement by February 1, 2027. Full contribution information (including SEP and SIMPLE contributions made through the following year's filing deadline) is not due to participants until June 1, 2027.