The 5498 reports IRA contributions you made during the year

A Form 5498 is a tax document your IRA provider sends you each year to report contributions you made to a traditional IRA, Roth IRA, SEP IRA, or straightforward IRA. The form shows the total amount you contributed, whether those contributions were deductible, and the fair market value of your account on December 31. You receive it by mail or electronically, usually in May.

The IRS also receives a copy. The 5498 is not the same as a 1099-R form, which reports distributions (money you took out). Many people confuse the two because both come from retirement accounts, but they track opposite directions of money.

You do not attach the 5498 to your tax return. Instead, you use the information on it to fill in the IRA contribution line on your Form 1040 or 1040-SR when you file. If you made contributions to multiple IRAs during the year, your providers will each send you a 5498 showing only their portion.

Key Takeaways

  • Form 5498 reports the total amount you contributed to an IRA during the tax year, sent by your IRA provider by May 31.
  • The form shows whether your contributions were deductible (traditional IRA) or nondeductible (Roth IRA or excess contributions).
  • You use the 5498 information to report IRA contributions on your Form 1040, but you do not send the 5498 itself to the IRS.
  • If you made contributions to multiple IRAs, each provider sends a separate 5498 showing only their account.
  • The 5498 is different from a 1099-R, which reports money you withdrew from the IRA, not money you put in.

What information appears on a 5498

The 5498 has several boxes that report different types of contributions and account activity. Box 1 shows your regular IRA contributions for the year. Box 2 shows rollover contributions—money you moved from another retirement account into this IRA. Box 3 reports contributions made on your behalf by an employer (for SEP or straightforward IRAs). Box 5 shows the fair market value of your account on December 31, which the IRS uses to calculate required minimum distributions if you are over age 73.

Box 7 indicates whether your contributions were deductible. For a traditional IRA, this box tells you whether you can deduct the full amount, a partial amount, or none of it. For a Roth IRA, contributions are never deductible, so this box will show zero. If you made a nondeductible contribution to a traditional IRA (because your income was too high or you were covered by a workplace retirement plan), that information appears here too.

The form also shows your IRA provider's name, your account number, and the tax year the form covers. At the bottom, you will see the date the form was prepared and the provider's contact information in case you have questions about the numbers.

When you receive your 5498 and what to do with it

Your IRA provider must send you the 5498 by May 31 of the year after the contribution year. For example, contributions you made in 2024 appear on a 5498 you receive by May 31, 2025. The IRS receives its copy at the same time. If you do not receive your 5498 by early June, contact your IRA provider to request a copy or ask whether it was sent electronically.

Keep the 5498 with your tax records for that year. You will need it when you file your return to report the contribution amount. If you made contributions to multiple IRAs, gather all the 5498 forms and add up the total contributions across all accounts—that is the number you enter on your tax return.

If the 5498 shows an amount you did not contribute, or if the deductibility information is wrong, contact your provider when ready. Errors on the 5498 can cause problems when you file, so it is worth verifying the numbers match your records before tax time.

How the 5498 affects your tax return

The 5498 itself does not reduce your taxes. What matters is whether your contributions were deductible. If you have a traditional IRA and your income is below the limit for your filing status, you can deduct the full contribution amount on your Form 1040, which lowers your taxable income. The 5498 tells you whether the IRS considers your contribution deductible based on the information your provider reported.

If you have a Roth IRA, your contributions are never deductible, but they grow tax-free. The 5498 will show zero in the deductible box. You still report the contribution on your return, but it does not reduce your taxable income that year.

If you made a nondeductible contribution to a traditional IRA, the 5498 will flag that. You must also file Form 8606 with your return to report the nondeductible amount. This prevents you from being taxed twice on that money when you withdraw it later.

5498 vs. 1099-R: which form reports what

The 5498 and 1099-R both come from retirement accounts, but they report opposite things. The 5498 reports money going into your IRA (contributions). The 1099-R reports money coming out of your IRA (distributions or withdrawals). You may receive both forms in the same year if you contributed to an IRA and also took money out of it.

The 1099-R appears on your tax return because distributions may be taxable. The 5498 does not appear on your return directly—you use its information to fill in the contribution line. If you receive a 1099-R but no 5498, that means you took money out but made no contributions that year. If you receive a 5498 but no 1099-R, you contributed but did not withdraw anything.

What to do if your 5498 has an error

If the contribution amount on your 5498 does not match what you actually contributed, or if the deductibility box is marked incorrectly, contact your IRA provider's customer service right away. Explain the discrepancy and ask them to issue a corrected form (called an amended 5498). Your provider has until August 31 to send a corrected version to you and the IRS.

Do not ignore the error and hope it goes unnoticed. The IRS compares the 5498 your provider sends with the contribution amount you report on your return. If they do not match, the IRS may send you a notice asking for an explanation. A corrected 5498 from your provider clears this up faster than trying to explain it yourself.

If you believe the error is on your end—for example, you thought you contributed more than you actually did—check your account statements and deposit records. Then contact your provider with the correct information so they can issue an amended form if needed.

Frequently Asked Questions

Do I have to attach my 5498 to my tax return?

No. You keep the 5498 for your records and use the information from it to fill in the IRA contribution line on your Form 1040. The IRS already has a copy from your provider, so you do not send it in.

What if I contributed to an IRA after the tax year ended but before I filed my return?

If you made a contribution between January 1 and the tax filing important date (usually April 15 of the following year), it counts toward the previous tax year. Your provider will report it on the 5498 for that earlier year, even though you made the contribution in the new calendar year. For example, a contribution made in March 2025 for the 2024 tax year appears on your 2024 5498.

Why does my 5498 show a different account value than my latest statement?

The 5498 reports your account value on December 31 only. If you made deposits or withdrawals after that date, or if your investments gained or lost value in January, your current statement will show a different number. The December 31 value is what matters for tax purposes.

I did not receive a 5498 even though I contributed to an IRA. What should I do?

Contact your IRA provider and confirm they have your correct mailing address or email on file. Ask them to resend the form or provide a copy. If they cannot locate a record of your contribution, bring your deposit confirmation or bank statement showing the transfer to your IRA.

Can I deduct my IRA contribution if I have a 401(k) at work?

It depends on your income and filing status. If you are covered by a workplace retirement plan like a 401(k), there are income limits for deducting traditional IRA contributions. Your 5498 will show whether your contribution was deductible based on the information your provider has. If you think the deductibility is wrong, check the IRS income limits for your situation and contact your provider.