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, Form 5498-TA is being developed separately for Trump Account contributions, and 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 for the year, including those made through the due date of the return. |
| 2 | Rollover contributions | Including 60-day rollovers and direct rollovers from plans. |
| 3 | Roth IRA conversion amount | |
| 4 | Recharacterized contributions | |
| 5 | Fair market value of account | As of December 31. |
| 6 | Life insurance cost included in box 1 | Endowment contracts. |
| 7 | IRA type checkboxes | IRA, SEP, SIMPLE, Roth IRA. |
| 8 and 9 | SEP and SIMPLE contributions | Employer contributions made during the calendar year. |
| 10 | Roth IRA contributions | |
| 11 and 12a to 12b | RMD required for the following year; RMD date and amount | The RMD checkbox for the year after the reporting year, with optional date and amount. |
| 13a to 13c | Postponed or late contributions, year and code | Combat zone, disaster and similar postponements. |
| 14a and 14b | Repayments and code | Qualified reservist, disaster and birth or adoption repayments. |
| 15a and 15b | FMV of certain specified assets and codes | Hard-to-value assets such as non-publicly traded stock, real estate and partnership interests. |
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 6693 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 6693: $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.
Corrections and state copies
A wrong amount, code or checkbox is a Type 1 correction: one corrected return with the CORRECTED box checked. A wrong or missing payee TIN, a wrong payee name, or the wrong form type is a Type 2 correction: a zeroed-out copy of the original plus a new original, in that order. 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 6693, not the IRC 6721 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-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-SA · 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), 408(l), 6693. Threshold amounts are indexed for inflation from calendar year 2027; check IRS.gov/InflationAdjustment for the current year.