What is the IRA contribution limit?

For 2024, the limit is $7,000 for those under 50 and $8,000 for those 50 and older (catch-up contribution). These limits apply to the combined total of all your traditional and Roth IRA contributions.

Does Form 5498 affect my tax return?

Not directly — the form is informational. However, it confirms your contributions, which may have been deducted on your return (traditional IRA) or which you need to track for basis purposes (nondeductible traditional IRA).

What if my Form 5498 is wrong?

Contact your IRA custodian to request a corrected form. Common errors include incorrect contribution amounts or missing rollover designations.

What are required minimum distributions (RMDs)?

RMDs are mandatory annual withdrawals from traditional IRAs and employer retirement plans starting at age 73 (as of 2023). Roth IRAs do not have RMDs during the owner's lifetime.

Retirement

Form 5498: IRA Contribution Information

Reports IRA contributions, rollovers, conversions, and fair market value.

Download Form 5498 PDF About on IRS.gov Instructions PDF

Overview

Form 5498, IRA Contribution Information, reports contributions made to your Individual Retirement Account (IRA) during the tax year. Your IRA custodian or trustee — typically a brokerage firm, bank, or financial institution — sends this form to both you and the IRS to document your IRA activity.

Unlike most tax forms that arrive in January, Form 5498 is not due until May 31 because taxpayers can make IRA contributions for the prior year up until the April tax filing deadline. This means you may not receive your 5498 until after you have already filed your tax return.

The form covers traditional IRA contributions, Roth IRA contributions, SEP-IRA contributions, SIMPLE IRA contributions, rollover contributions, and the fair market value of your IRA at year-end. It also reports required minimum distribution (RMD) information for the following year.

Who Files This Form?

IRA custodians and trustees must file Form 5498 for each account holder who made contributions to an IRA, received a rollover, or had a fair market value in their IRA as of December 31. This applies to traditional IRAs, Roth IRAs, SEP-IRAs, and SIMPLE IRAs.

You do not need Form 5498 to file your tax return — you should already know your contribution amounts. The form serves as a record for you and the IRS. However, it is useful for verifying your contributions and tracking your IRA basis over time, especially for nondeductible traditional IRA contributions.

Key Fields

Box 1: IRA contributions

The total traditional IRA contributions made for the tax year, not including rollovers, Roth contributions, or employer contributions.

Box 2: Rollover contributions

The amount rolled over from another retirement account (e.g., 401(k) to IRA). Rollovers are not subject to contribution limits.

Box 5: Fair market value of account

The total value of your IRA as of December 31. Used for RMD calculations and tracking account growth.

Box 7: IRA type

Indicates whether the account is a traditional IRA, Roth IRA, SEP-IRA, or SIMPLE IRA.

Box 8: SEP contributions

Employer contributions made to a SEP-IRA on your behalf.

Box 9: SIMPLE contributions

Contributions made to a SIMPLE IRA, including both employee and employer contributions.

Box 10: Roth IRA contributions

Your total Roth IRA contributions for the tax year.

Box 11: RMD for next year

Checked if you are required to take a required minimum distribution the following year.

Filing Deadlines

Due Date

May 31

Late Filing Penalty

Penalties range from $60 to $310 per form for late filing.

Step-by-Step Instructions

1
Receive Form 5498 by May 31 (it arrives later than most tax forms because of the April contribution deadline).
2
Verify that the contribution amounts match your records and bank/brokerage statements.
3
If you made deductible traditional IRA contributions (Box 1), ensure you claimed the deduction on Schedule 1, Line 20 of your Form 1040.
4
If you made nondeductible traditional IRA contributions, file Form 8606 to track your basis.
5
For Roth IRA contributions (Box 10), no tax deduction is available, but verify the amount for your records.
6
Note the fair market value (Box 5) — you will need this for RMD calculations once you reach the required age.
7
If Box 11 is checked, prepare to take your required minimum distribution in the following year to avoid a 25% penalty.

Common Mistakes to Avoid

Waiting for Form 5498 to file your tax return

You don't need this form to file. You should know your contribution amounts from your own records. The 5498 is for verification and IRS reporting.

Not tracking nondeductible IRA contributions

If you made nondeductible traditional IRA contributions, file Form 8606 every year to track your basis. Without this, you could be taxed twice on those contributions when you withdraw.

Exceeding contribution limits

The annual IRA contribution limit is $7,000 ($8,000 if age 50+) for 2024. Excess contributions are subject to a 6% penalty each year they remain in the account.

Ignoring the RMD indicator

If Box 11 is checked, you must take a required minimum distribution the following year. Missing an RMD results in a 25% excise tax on the amount not distributed.

Frequently Asked Questions

Form 5498 is not due until May 31 because you can make IRA contributions for the prior tax year up until the April filing deadline. This is normal and you do not need the form to file your return.

Related Forms

1099-R

Distributions From Pensions, Annuities, Retirement Plans

Form 1040

U.S. Individual Income Tax Return

TaxScout.ai extracts Form 5498 automatically

AI-powered extraction with 5-layer validation. No manual data entry.