VOIDPaper only: marks a form on a sheet that should be ignored. It is not a correction; a filed return is undone with a corrected return.How corrections workCORRECTEDWhat it is forMarks a return that corrects a Form 5498 you already filed. Correct an error as soon as you find it; part H of Pub. 1099 has the steps.Watch forA common case: an amount reported as a rollover in box 2 that was partly not eligible to be rolled over. That part is a regular contribution for box 1, even if it exceeds the contribution limit, and needs a corrected form.Type 1 vs Type 2 correctionsTrustee's/issuer's nameThe filer's legal name as tied to its EIN on IRS records, on the first line; a trade name goes on the second. Filed under the wrong name the whole batch can fail to post.Check the filer blockBox 1: IRA contributions (other than amounts in boxes 2 to 4, 8 to 10, 13a and 14a)What goes hereContributions to a traditional IRA made in 2026 and through April 15, 2027, designated for 2026. Report gross contributions, including excess contributions even if withdrawn, and employer contributions not made under a SEP arrangement.Watch forNot here: SEP contributions (box 8), SIMPLE (box 9), Roth IRA (box 10), rollovers (box 2), conversions (box 3) and recharacterizations (box 4). A SIMPLE IRA amount moved to a non-SIMPLE IRA before the first 2 years of participation is a box 1 contribution even above $7,500 ($8,600 at age 50 or older).Click to open the row in the box tableCalendar yearThe year the payment was made, not the year you file. The 2026 forms cover payments in 2026 and are filed in 2027.The 2027 calendarTrustee's/issuer's street addressStreet or P.O. box of the filer, where the recipient can write about the form. Not matched against IRS records.Trustee's/issuer's room or suiteSecond address line, optional.Box 2: Rollover contributionsWhat goes hereRollover contributions received in 2026: 60-day rollovers between IRAs, direct or 60-day rollovers from a qualified plan, 403(b) or governmental 457(b) plan, plan rollovers to a Roth IRA, and military death gratuities and SGLI payments. Property is valued on the date you receive it.Watch forLate rollovers after 60 days (including qualified plan loan offsets) go in box 13a, and repayments of qualified reservist, disaster and similar distributions in box 14a. IRA-to-IRA trustee transfers are not reported.Click to open the row in the box tableTrustee's/issuer's city or townCity of the filer's address. A foreign filer gives the city and leaves the state blank.Box 3: Roth IRA conversion amountWhat goes hereThe amount converted from a traditional IRA to a Roth IRA during 2026, even if the conversion stays with the same trustee.Watch forA Roth IRA to Roth IRA rollover, or a rollover from an employer plan to a Roth IRA, goes in box 2. Conversions made in 2018 or later cannot be recharacterized.Click to open the row in the box tableBox 4: Recharacterized contributionsWhat goes hereFor the trustee of the IRA that receives a recharacterization: the amount recharacterized plus earnings (at FMV). Total all recharacterizations received in the year on one form, and check the IRA type in box 7.Watch forThe trustee of the first IRA reports the original contribution on its Form 5498 and the recharacterization as a distribution on Form 1099-R.Click to open the row in the box tableTrustee's/issuer's state or provinceTwo-letter state code for a U.S. address; the province for a foreign one.Trustee's/issuer's countryBlank or US for a domestic address; the country for a foreign filer.Trustee's/issuer's ZIP or postal codeFive or nine digits for a U.S. address; the foreign postal code otherwise.Trustee's/issuer's TINThe EIN the returns are filed under; it must match the filer name on the first line. A sole proprietor may use an SSN, with the owner's name first.Check the filer blockParticipant's TINWhat goes hereThe participant's SSN, ITIN, ATIN or EIN, matching the name on the form.Watch forYou may truncate it on the participant's statement (replace the first five digits with Xs or asterisks), never on the copy filed with the IRS. The trustee's or issuer's TIN is never truncated.Match it before you fileBox 5: Fair market value of accountWhat goes hereThe FMV of the account on December 31, 2026. Report it even when no contributions were made. Value every asset annually, including hard-to-value ones.Watch forInherited IRAs: the decedent's form shows the date-of-death value (or the alternate year-end value, usually zero), and each beneficiary's form shows their share at year end. Never show the same figure on both.Click to open the row in the box tableBox 6: Life insurance cost included in box 1What goes hereFor endowment contracts only: the part of box 1 allocable to the cost of life insurance.Watch forThis is a breakout of box 1, not an added amount.Click to open the row in the box tableParticipant's nameWhat goes hereThe IRA participant. A spousal IRA under section 219(c) gets its own Form 5498 in the spouse's name and TIN.Watch forFor an inherited IRA, the beneficiary's form must also show the decedent, for example "[beneficiary] as beneficiary of [decedent]" ("bene." is fine). A spouse who makes the IRA their own is reported as the owner, without the beneficiary wording.Which name goes firstBox 7: IRA type checkboxesCheck it whenThe form reports a traditional IRA. Also check it for a SEP IRA when you do not know whether the account is a SEP IRA.Watch forBox 7 is required even on a form that only reports the FMV, and the trustee receiving a recharacterization checks the type of IRA here.Click to open the row in the box tableSEPCheck it whenThe form reports a SEP IRA. For a Roth SEP IRA, check both SEP and Roth IRA.Watch forIf you do not know whether the account is a SEP IRA, check IRA instead.Open this box on the IRIS field mapSIMPLECheck it whenThe form reports a SIMPLE IRA. For a Roth SIMPLE IRA, check both SIMPLE and Roth IRA.Watch forDo not file Form 5498 for a SIMPLE 401(k) plan.Open this box on the IRIS field mapRoth IRACheck it whenThe form reports a Roth IRA. Check it together with SEP for a Roth SEP IRA, or with SIMPLE for a Roth SIMPLE IRA.Open this box on the IRIS field mapBox 8: SEP contributionsWhat goes hereEmployer contributions to a SEP IRA (including SARSEP salary deferrals) made during 2026, including those made in 2026 for 2025 but not those made in 2027 for 2026. Include a self-employed person's SEP contributions to their own account and contributions to a Roth SEP IRA.Watch forEmployer contributions above the SEP's written allocation formula go in box 1. You do not report which year a SEP contribution is for.Click to open the row in the box tableBox 9: SIMPLE contributionsWhat goes hereEmployer contributions, including salary deferrals, to a SIMPLE IRA made during 2026, including those made in 2026 for 2025 but not those made in 2027 for 2026. Include contributions to a Roth SIMPLE IRA.Watch forDo not include contributions to a SIMPLE 401(k) plan. You do not report which year a SIMPLE contribution is for.Click to open the row in the box tableParticipant's street addressWhere the recipient copy is mailed. From the W-9 line 5; the IRS does not match it, but an undeliverable copy is a furnishing failure.Participant's apartment or suiteSecond address line, optional. Keep it on its own line rather than appended to the street.Box 10: Roth IRA contributionsWhat goes hereRoth IRA contributions made in 2026 and through April 15, 2027, designated for 2026, plus qualified rollovers from a section 529 plan to a Roth IRA designated for 2026.Watch forConversions go in box 3, rollovers from employer plans to a Roth IRA in box 2, and Roth SEP or Roth SIMPLE contributions in box 8 or 9.Click to open the row in the box tableBox 11: Check if RMD for 2027Check it whenThe participant must take an RMD for 2027. Check it for the year the participant reaches age 73, even though that RMD can wait until April 1 of the next year, and for every later year an RMD is required.Watch forYou must also tell the participant by February 1, 2027, under Alternative one or two. No RMD reporting is required for a deceased participant's IRA unless a surviving spouse treats it as their own.Click to open the row in the box tableParticipant's city or townCity of the mailing address, from the W-9 line 6.Box 12a: RMD dateWhat goes hereOptional. The date by which the RMD must be taken, if you use Form 5498 to give the participant the RMD information.Watch forThe IRS does not require the date or amount. You may give them on a separate statement instead.Click to open the row in the box tableBox 12b: RMD amountWhat goes hereOptional. The RMD amount, if you use Form 5498 to report under Alternative one, figured from the December 31, 2026, account value.Watch forUnder Alternative two you give no amount, but must offer to calculate it on request.Click to open the row in the box tableParticipant's state or provinceTwo-letter state code; it also drives which state copies are needed when there is no withholding.State filing requirementsParticipant's countryBlank or US for a domestic address. A foreign address is a flag to check whether a W-8 and Form 1042-S were the right documents instead.Foreign payeesParticipant's ZIP or postal codeFive or nine digits for a U.S. address, or the foreign postal code.Box 13a: Postponed/late contrib.What goes hereA postponed contribution made in 2026 for a prior year (combat zone or federally declared disaster), or a late rollover made in 2026: self-certified, qualified plan loan offset or disaster related.Watch forUse a separate form for each prior year, and a separate form for a late rollover when there is also a postponed contribution. Do not repeat the amount in box 1 or 10.Click to open the row in the box tableBox 13b: YearWhat goes hereThe year for which the postponed contribution in box 13a was made.Watch forLeave it blank for late rollovers and rollovers of qualified plan loan offset amounts.Click to open the row in the box tableBox 13c: CodeWhat goes hereThe reason code: the executive order or public law for combat zone service (such as EO13239), FD for a federally declared disaster, PO for a qualified plan loan offset rollover, SC for a self-certified late rollover.Watch forA repayment of a qualified disaster distribution goes in boxes 14a and 14b, not here.Click to open the row in the box tableBox 14a: RepaymentsWhat goes hereRepayments of qualified reservist, qualified disaster, qualified birth or adoption, first-time home purchase, emergency personal expense, terminally ill individual and domestic abuse victim distributions.Watch forRepayments do not go in box 2. Each needs its code in box 14b.Click to open the row in the box tableBox 14b: CodeWhat goes hereThe repayment code: QR reservist, DD disaster, BA birth or adoption, HP first-time home purchase, EP emergency personal expense, TI terminally ill, DA domestic abuse victim.Watch forHP is new for 2026.Click to open the row in the box tableAccount numberWhat goes hereYour account number for this IRA. The IRS encourages one on every form.Required whenYou file more than one Form 5498 for the same participant. One form covers all investments under one IRA plan, but each separate IRA plan with you needs its own form.Box 15a: FMV of certain specifiedWhat goes hereThe FMV, as of December 31, 2026, of IRA investments that are not readily tradable on an established market or have no readily available FMV.Watch forThese values also go on the participant's FMV statement due February 1, 2027, and are filed even if no contributions were made.Click to open the row in the box tableBox 15b: Code(s)What goes hereUp to two codes for the assets in box 15a: A closely held stock, B untraded debt, C LLC interest, D real estate, E partnership or trust interest, F unlisted option, G other hard-to-value asset.Watch forIf more than two types apply, enter H alone.Click to open the row in the box tableHover over a box for what goes in it; click to open its row in the table below. On a touch screen, tap the box to jump to the row.
Who must file Form 5498
The trustee or issuer of an individual retirement arrangement, traditional, SEP, SIMPLE or Roth, must file Form 5498 for each participant, reporting contributions (including rollover, conversion and recharacterized contributions) made for the year, the account's fair market value at December 31, information on hard-to-value assets, and whether a required minimum distribution is due for the following year. A statement of FMV and RMD information goes to the participant by January 31; a full statement with contributions by May 31. If the January statement showed no contributions and none were made, a second statement is not required. The IRS copy is due May 31 (Tuesday, June 1, 2027 for 2026 forms, since May 31 is Memorial Day).
For 2026, contributions to Trump accounts go on the new Form 5498-TA for each year of the child's growth period (through December 31 of the year the child turns 17); from the following year the account is reported on this Form 5498. Form 5498-QA (ABLE) adds a box for rollovers from those accounts.
Threshold: All amounts, every IRA for which contributions (including rollovers) were made or that had a year-end value; FMV-only statements are still required.
What is reported, box by box
| Box | What it reports | Notes |
|---|---|---|
| 1 | IRA contributions (other than amounts in boxes 2 to 4, 8 to 10, 13a and 14a) | Traditional IRA contributions made in 2026 and through April 15, 2027, for 2026, gross, including excess contributions even if withdrawn. SEP, SIMPLE and Roth contributions, rollovers, conversions and recharacterizations each have their own box. |
| 2 | Rollover contributions | Rollovers received in 2026: 60-day IRA rollovers, direct or 60-day rollovers from employer plans (including to a Roth IRA), military death gratuities and SGLI payments. Late rollovers go in box 13a and repayments in box 14a; IRA-to-IRA trustee transfers are not reported. |
| 3 | Roth IRA conversion amount | The amount converted from a traditional IRA to a Roth IRA in 2026, even with the same trustee. Roth-to-Roth rollovers and employer plan rollovers to a Roth IRA go in box 2. |
| 4 | Recharacterized contributions | Reported by the trustee of the IRA that receives the recharacterization: the amount plus earnings, all of the year's recharacterizations on one form. The first IRA's trustee reports it as a distribution on 1099-R. |
| 5 | Fair market value of account | The account's FMV on December 31, 2026, required even with no contributions. For inherited IRAs, the decedent's form shows the date-of-death (or alternate year-end) value and each beneficiary's form their year-end share. The FMV statement is due February 1, 2027. |
| 6 | Life insurance cost included in box 1 | Endowment contracts only: the part of box 1 allocable to the cost of life insurance. A breakout of box 1, not an added amount. |
| 7 | IRA type checkboxes | CheckboxIRA, SEP, SIMPLE or Roth IRA; for a Roth SEP or Roth SIMPLE IRA check both boxes. Unsure whether it is a SEP IRA: check IRA. No Form 5498 for a SIMPLE 401(k). |
| 89 | SEP and SIMPLE contributions | Employer contributions, including salary deferrals, made during 2026 to a SEP IRA (box 8) or SIMPLE IRA (box 9), counting 2026 deposits for 2025 but not 2027 deposits for 2026. Roth SEP and Roth SIMPLE contributions go here too. |
| 10 | Roth IRA contributions | Roth IRA contributions made in 2026 and through April 15, 2027, for 2026, plus qualified 529-to-Roth IRA rollovers for 2026. Conversions go in box 3 and employer plan rollovers in box 2. |
| 1112ato12b | RMD required for the following year; RMD date and amount | 11: checkbox if an RMD is required for 2027, starting with the year the participant reaches 73. 12a and 12b: optional RMD date and amount for the participant; the IRS does not require them. The participant's RMD statement is due February 1, 2027. |
| 13ato13c | Postponed or late contributions, year and code | Postponed contributions for a prior year (combat zone or disaster) and late rollovers made in 2026, with the year and a code: an EO or P.L. number, FD, PO or SC. One form per prior year, and no repeat of the amount in box 1 or 10. All box 13c codes. |
| 14a14b | Repayments and code | Repayments of qualified reservist, disaster, birth or adoption, first-time home purchase, emergency personal expense, terminally ill and domestic abuse victim distributions, with code QR, DD, BA, HP (new for 2026), EP, TI or DA. Not in box 2. All box 14b codes. |
| 15a15b | FMV of certain specified assets and codes | The December 31, 2026, FMV of hard-to-value IRA assets, with up to two codes: A stock, B debt, C LLC interest, D real estate, E partnership or trust interest, F option, G other. Use H when more than two types apply. All box 15b codes. |
Codes for box 13c (8 codes)
Enter the reason for the postponed contribution or late rollover reported in box 13a. For combat zone, hazardous duty or direct support service, enter the executive order or public law for the area; the IRS posts later additions at IRS.gov/Form5498.
Military service
| Code | Meaning | When to use it |
|---|---|---|
| EO13239 | Afghanistan and countries in direct support | Includes Djibouti, Jordan, Kyrgyzstan, Pakistan, Somalia, Syria, Tajikistan, Uzbekistan and Yemen. |
| EO12744 | Arabian Peninsula | Includes adjacent waters and air space, Iraq, Kuwait, Saudi Arabia, Oman, Bahrain, Qatar, the United Arab Emirates, Lebanon, Turkey east of 33.51E, and Jordan (direct support). |
| EO13119 | Federal Republic of Yugoslavia (Serbia and Montenegro), Albania, Kosovo | Also the Adriatic Sea and the Ionian Sea north of the 39th parallel. P.L.106-21 may be used for the same area. |
| P.L.106-21 | Federal Republic of Yugoslavia (Serbia and Montenegro), Albania, Kosovo | Alternative to EO13119 for the same area. |
| P.L.115-97 | Sinai Peninsula of Egypt | |
Other reasons
| Code | Meaning | When to use it |
|---|---|---|
| FD | Federally designated disaster | Participant is an affected taxpayer described in an IRS News Release for a federally designated disaster area. Repayments of qualified disaster distributions go in boxes 14a and 14b. |
| PO | Rollover of a qualified plan loan offset amount | Leave box 13b blank. |
| SC | Self-certified late rollover | Participant certified the rollover is late for a reason listed in section 3.02(2) of Rev. Proc. 2020-46. |
Source: Instructions for Forms 1099-R and 5498 (2026), Box 13c. Code and Special reporting for U.S. Armed Forces in designated combat zones
Repayment codes for box 14b (7 codes)
Enter the code for the type of distribution being repaid; the repayment amount goes in box 14a.
| Code | Meaning |
|---|---|
| QR | Qualified reservist distribution |
| DD | Qualified disaster distribution |
| BA | Qualified birth or adoption distribution |
| HP | Qualified first-time home purchase distribution |
| EP | Emergency personal expense distribution |
| TI | Terminally ill individual distribution |
| DA | Eligible distribution to a domestic abuse victim |
Source: Instructions for Forms 1099-R and 5498 (2026), Box 14b. Code
Asset codes for box 15b (8 codes)
Enter the code for each type of hard-to-value investment whose FMV is in box 15a. Enter up to two codes; if more than two apply, enter code H.
| Code | Meaning | When to use it |
|---|---|---|
| A | Stock or other ownership interest in a corporation that is not readily tradable on an established securities market | |
| B | Short- or long-term debt obligation that is not traded on an established securities market | |
| C | Ownership interest in a limited liability company or similar entity, unless the interest is traded on an established securities market | |
| D | Real estate | |
| E | Ownership interest in a partnership, trust, or similar entity, unless the interest is traded on an established securities market | |
| F | Option contract or similar product that is not offered for trade on an established option exchange | |
| G | Other asset that does not have a readily available FMV | |
| H | More than two types of assets (listed in A through G) are held in this IRA | Use instead of listing codes when more than two apply. |
Source: Instructions for Forms 1099-R and 5498 (2026), Box 15b. Code(s)
Box titles follow the current revision of the form. The IRS reads the payer and recipient name, TIN, address, account number and the money boxes; the state boxes are for the state copy only.
Payments that are not reported on Form 5498
- Trustee-to-trustee transfers between like IRAs, which are not contributions and are not reported.
- Accounts with no contributions and a year-end value of zero (closed accounts) in most cases.
- Contributions to a Trump Account, which will be reported on Form 5498-TA when it is released.
Due dates and extensions
| Copy | Due | For 2026 returns |
|---|---|---|
| To the IRS, paper | May 31 | Tuesday, June 1, 2027 (May 31 is Memorial Day) |
| To the IRS, electronic | May 31 | Tuesday, June 1, 2027 (May 31 is Memorial Day) |
| To the recipient | January 31 / May 31 | February 1, 2027 for FMV and RMD; June 1, 2027 for contributions |
An automatic 30-day extension is available on Form 8809, filed by the due date on paper or through IRIS; a second 30 days requires a hardship showing. Recipient statements can be extended 30 days on Form 15397, online or by fax only. 10 or more information returns of any type in aggregate must be e-filed (T.D. 9972); IRIS is the only IRS intake system from filing season 2027, FIRE having been retired. A payer who e-files the originals must e-file the corrections.
For 2026 forms filed in 2027: January 31 falls on a Sunday, so that deadline moves to Monday, February 1, 2027; February 28 also falls on a Sunday, so the paper deadline moves to Monday, March 1, 2027. March 31 (electronic) and March 15 are weekdays. February 28 does not become February 29 in a leap year. The compliance calendar has every date with the weekend shifts applied.
Withholding and TIN matching
Contributions are not payments, so backup withholding is irrelevant and Form 5498 is outside the IRS TIN Matching program; the penalty for a late or missing 5498 is $50 per return under IRC 6693IRC 6693Internal Revenue Code, Cornell LII with no maximum. The participant record is shared with the 1099-R, so a name/TIN fix on either side should be made on the account, not the return. The IRS matches 5498 contributions to the participant's Form 1040 deduction and 8606, which is why a wrong SSN on a 5498 produces a notice to the participant, not just to the trustee.
Name and TIN errors on this form
Every information return is matched by the IRS on the first four characters of the payee's name (the name control) against the TIN. For this form the penalty is IRC 6693IRC 6693Internal Revenue Code, Cornell LII: $50 per return for each failure to file or furnish, with no annual maximum, unless the failure was due to reasonable cause. A mismatch still produces a CP2100 line the following autumn. The errors that recur on Form 5498:
- Inherited IRAs. Titled "Decedent, deceased, for the benefit of Beneficiary"; the beneficiary's SSN is the participant TIN, and the decedent's name must appear in the title.
- Spousal IRAs are the non-working spouse's own account, under that spouse's SSN.
- Recharacterizations and conversions reported on both a 5498 and a 1099-R for the same person must carry the identical name/TIN pair.
The name control calculator shows what the IRS will derive from a name line, and the CP2100 guide covers what to do when the notice arrives.
Recipient statements and substitutes
The recipient statement for Form 5498 need not be a copy of the official form: a substitute may be combined with other account statements or reports, provided every required item is numbered and titled as on the official form, the tax year, form number and form name appear together, the recipient instructions are included, and, for the forms Pub 1099 lists, a telephone number with direct access to someone who can answer questions is shown. Publication 1179 (Rev. Proc. 2026-18) has the specifications; logos, slogans and advertising are not permitted on the statement itself. Statements may be furnished electronically only to a recipient who has affirmatively consented in a way that shows they can access the format, after the disclosures in Pub 1099 part M, and must stay posted through October 15. Copy B may show a truncated TIN (xxx-xx-1234); the IRS copy never may. The consent rules for furnishing statements electronically are under review: Notice 2026-4 asked for comments (due May 23, 2026) on whether the broker rules, and then the rules for every other payee statement, should change.
Corrections and state copies
A wrong amount, code or checkbox is a Type 1 correction: one corrected return with the CORRECTED box checked. The wrong form type is a Type 2 correction: a zeroed-out copy of the original plus a new original, in that order. A wrong or missing payee TIN or name is also Type 2 on paper, but IRIS corrects it in one step on the original record (Publication 5717). Publication 1099 also says you are not required to file a correction for a missing or incorrect TIN if you meet the reasonable-cause standard, only to use the right TIN on the next return, although the IRS encourages the correction. Details and the paper error charts are on the 1099 corrections page.
Form 5498 is not in the Combined Federal/State Filing program, so any state that requires it must receive it directly. Requirements by state are on the state pages.
Questions people ask about Form 5498
Do we report a direct transfer from another custodian?
No; a trustee-to-trustee transfer is not a contribution or a rollover. A distribution the participant rolled over within 60 days is reported in box 2.
When is the FMV statement due?
January 31 for the FMV and RMD information; the contribution statement by May 31 if any contributions (including rollovers) were made.
Which penalty applies?
$50 per return under IRC 6693IRC 6693Internal Revenue Code, Cornell LII, not the IRC 6721IRC 6721Internal Revenue Code, Cornell LII tiers.
Other federal forms
1042-S · 1097-BTC · 1098 · 1098-C · 1098-E · 1098-F · 1098-Q · 1098-T · 1098-VLI · 1099-A · 1099-B · 1099-C · 1099-CAP · 1099-DIV · 1099-G · 1099-INT · 1099-K · 1099-LPS · 1099-LS · 1099-LTC · 1099-MISC · 1099-NEC · 1099-OID · 1099-PATR · 1099-Q · 1099-QA · 1099-R · 1099-S · 1099-SA · 1099-SB · 3921 · 3922 · 5498-ESA · 5498-QA · 5498-SA · 5498-TA · W-2G · 1099-DA · Comparison table
Sources: IRS Publication 1099 (2026), General Instructions for Certain Information Returns, which replaced the separate General Instructions starting with tax year 2026; Instructions for Forms 1099-R and 5498 (2026); Pub 1099 (2026) Guide to Information Returns and part O; IRC 408(i)IRC 408Internal Revenue Code, Cornell LII, 408(l), 6693. Threshold amounts are indexed for inflation from calendar year 2027; check IRS.gov/InflationAdjustment for the current year.