Form 5498 reports your IRA contributions to the IRS

Form 5498 is a document your IRA custodian (the bank, brokerage, or financial institution holding your account) sends to you and the IRS each year. It reports how much money you put into your IRA during the tax year, whether that contribution was deductible, and the value of your account on December 31st. The IRS uses this form to verify that your reported contributions match what your financial institution recorded.

You receive Form 5498 by May 31st of the year after the contribution year. For example, contributions you make in 2024 appear on the Form 5498 you receive in May 2025. This timing matters because the IRA contribution important date is usually April 15th of the following year — you can contribute for 2024 as late as April 15, 2025, and it will still show on your 2024 Form 5498.

Form 5498 is informational only. You do not attach it to your tax return. Instead, you use the information on it to fill in the IRA contribution line on your own tax form (usually Schedule 1 if you itemize deductions, or directly on Form 1040 if you claim the standard deduction). The IRS receives a copy directly from your custodian, so they already know what you contributed.

Key Takeaways

  • Form 5498 shows your IRA contributions for the year and comes from your bank or brokerage, not the IRS.
  • You receive it by May 31st, but you do not file it with your tax return — it is for your records and the IRS's verification.
  • The form reports both deductible and non-deductible contributions, so check it against your own records to catch errors.
  • If you made a contribution after December 31st but before the April 15th important date, it will appear on the following year's Form 5498.
  • Your IRA custodian is required to send Form 5498 to you and the IRS; if you do not receive it by early June, contact them directly.

The different boxes on Form 5498 and what they mean

Form 5498 has several numbered boxes, each reporting a different piece of information. 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 SEP-IRA contributions if you are self-employed or a business owner. Box 4 shows straightforward IRA contributions.

Box 5 is the fair market value of your IRA on December 31st. This is what your account was worth at the end of the year, not what you contributed. Box 7 indicates whether your contribution was deductible (you can deduct it from your taxable income) or non-deductible (you cannot). If you have a workplace retirement plan like a 401(k), your ability to deduct an IRA contribution phases out at higher income levels, and Box 7 will show whether your contribution falls within the deductible range.

Most people only need to look at Box 1 (contributions) and Box 7 (deductibility). The other boxes explore only if you rolled over funds, are self-employed, or have a straightforward IRA through your employer.

When you receive Form 5498 and what to do with it

Your custodian must mail or electronically deliver Form 5498 by May 31st each year. If you have multiple IRAs at different institutions, you will receive a separate form from each one. Keep all copies together so you can account for all your IRA contributions when you file your taxes.

When you receive the form, compare it to your own records. Check that the contribution amounts match what you actually deposited, and verify that Box 7 correctly shows whether your contribution is deductible. If there is a discrepancy — for example, the form shows a contribution you did not make, or omits one you did — contact your custodian when ready. They can issue a corrected form (called a Form 5498-X) before you file your taxes.

You do not need to file Form 5498 with the IRS. Your custodian sends a copy directly to them. However, you should keep your copy with your tax records for at least three years in case the IRS questions your return. If you are claiming a deduction for an IRA contribution, the IRS will cross-check it against the Form 5498 your custodian reported.

How Form 5498 differs from Form 1099-R

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

Form 1099-R arrives by January 31st, earlier than Form 5498. You use Form 1099-R to report IRA withdrawals on your tax return. Form 5498 is used to report contributions. Both go to the IRS, and both should match your own records.

What to do if you do not receive Form 5498

If you made an IRA contribution and do not receive Form 5498 by early June, contact your custodian directly. Ask them to confirm that they received your contribution and to resend the form or issue a corrected one. Do not wait until tax time to chase this down.

If your custodian cannot locate your contribution, you will need to provide proof — a bank statement showing the transfer, a cancelled check, or a confirmation email from the institution. Once they verify the contribution, they will issue Form 5498 or a corrected version. If you file your taxes before receiving the form, you can still claim the contribution based on your own records, but having the form on file with the IRS prevents questions later.

Non-deductible contributions and Form 5498

If your income is too high to deduct your IRA contribution, Box 7 on Form 5498 will indicate that your contribution is non-deductible. This does not mean you cannot make the contribution — you can contribute to a traditional IRA at any income level. It means you cannot reduce your taxable income by the amount you contributed.

Non-deductible contributions are important to track because they affect how the IRS taxes your IRA withdrawals later. If you make non-deductible contributions, you should also file Form 8606 with your tax return to tell the IRS about them. Form 5498 helps document this, but Form 8606 is what you actually file. Keep copies of both forms together with your tax return.

Frequently Asked Questions

Do I need to attach Form 5498 to my tax return?

No. Form 5498 is informational only. Your custodian sends a copy to the IRS, and you use the information to fill in your own tax forms. Keep your copy for your records, but do not file it with the IRS.

What if Form 5498 shows a contribution I did not make?

Contact your custodian when ready and ask them to investigate. They may have recorded a contribution under the wrong account or year. Request a corrected Form 5498-X. If the error is not corrected before you file, report the discrepancy to the IRS when you file your return.

Can I contribute to my IRA after I receive Form 5498?

Yes. Form 5498 reports contributions made during the calendar year plus contributions made up to the April 15th important date of the following year. Contributions you make after April 15th will appear on next year's Form 5498.

Why does Form 5498 show a different amount than what I contributed?

The form may include rollovers, employer contributions, or earnings on your account. Box 1 shows your regular contributions; other boxes show rollovers and employer deposits. If the total does not match your records, ask your custodian to break down each box.

What if I have IRAs at multiple banks?

You will receive a separate Form 5498 from each institution. Add up all contributions from all forms when you report your total IRA contributions on your tax return. The IRS receives all the forms and cross-checks them against your reported total.