Still Waiting on Form 5498?

Why you haven’t received Form 5498 yet

As tax season wraps up each spring, many IRA owners find themselves asking the same question: Why haven’t I received information about my IRA contributions yet? If you are expecting IRS Form 5498 and have not seen it by the time you file your return, there is no need for concern.

IRS Form 5498 is not required to be sent until the end of May. That means it is completely normal and expected for taxpayers to prepare and file their returns without having this form in hand. Understanding what Form 5498 is, why it arrives later, and how it is used can help you feel more confident during tax season and beyond.

What is IRS Form 5498?

Form 5498 is an information return that your IRA custodian files with the IRS each year. Its purpose is to report certain activity that took place in your IRA during the prior tax year. You will receive a copy for your records, but the form itself is not filed with your tax return.

Common items reported on Form 5498 include:

• Regular contributions made to a Traditional, Roth, SEP, or SIMPLE IRA
• Rollover contributions received from eligible retirement accounts, such as another IRA or a 401(k) plan
• Conversions from a Traditional IRA to a Roth IRA
• Recharacterizations of contributions between Traditional and Roth IRAs
• The fair market value (FMV) of your IRA as of December 31
• Required minimum distribution (RMD) information if you have reached the applicable age

In certain cases, additional information such as disaster-related contribution details or distribution repayments may also appear on the form. The IRS uses Form 5498 to cross-check what custodians report with what taxpayers include on their returns. If there is a discrepancy, such as claiming a deduction for a Roth IRA contribution, the IRS may follow up to request clarification or additional tax payment.

Why Form 5498 is sent after the tax filing deadline

It can feel counterintuitive to receive a tax-related form after calendar year tax returns are due. But the timing is intentional.

IRA contributions for a given tax year can be made up until the tax filing deadline, not including extensions. This is typically April 15. For example, a 2025 IRA contribution may be made as late as April 15, 2026. These late contributions are often called prior-year or carryback contributions.

Because custodians must capture and report all eligible contributions for the tax year, including those made early in the year for the previous year, the IRS allows until the end of May to issue Form 5498. Some financial organizations send an initial version earlier in the year and update it if additional contributions are made. Others wait until after the contribution window closes to send a single, final form.

As a result, most taxpayers file their returns using their own contribution records rather than relying on Form 5498.

How Form 5498 is commonly used

Even though Form 5498 arrives after tax day, it still plays an important role. Reviewing it carefully can help confirm that your IRA information has been reported accurately.

Fair market value information

Form 5498 reports your IRA’s FMV as of December 31 of the prior year. You likely received this valuation earlier, around late January, giving you time to review it and notify your custodian of any discrepancies.

This is especially important for self-directed IRAs, which may hold alternative or hard-to-value assets. Form 5498 also includes separate reporting for certain asset types, so accuracy matters. The IRS tends to pay closer attention to these entries.

Required minimum distribution reminders

If you have reached an age where RMDs are required, Form 5498 will indicate that a distribution must be taken during the current year. In many cases, custodians also provide an estimated RMD amount, which is based on your year-end FMV and IRS life expectancy tables.

Accurate FMV reporting is critical here, as errors could affect the RMD amount and potentially lead to penalties.

Rollover contribution reporting

Any rollover contributions completed during the year will appear on Form 5498. This section is worth reviewing closely to confirm that taxable amounts were reported properly.

For example, if a distribution from an employer plan included mandatory tax withholding and not all funds were rolled over, the withheld amount is generally taxable. Comparing your records with what appears on Form 5498 can help catch issues early.

Don’t ignore Form 5498, but don’t panic either

For most IRA owners, Form 5498 does not require any action. It does not need to be attached to your tax return, and receiving it after you have already filed is perfectly normal.

The most important step is simply to review the form for accuracy and keep it with your tax records. If something does not look right, contact your IRA custodian or tax professional to determine whether a correction is needed.

Tax rules around IRAs can be complex, and Form 5498 is just one piece of the larger picture. A qualified tax professional can explain how the information on the form relates to your individual situation. STRATA Trust Company also offers educational resources to help IRA owners better understand reporting requirements and retirement account administration.

When Form 5498 arrives in May or early June, take a moment to review it and then file it away with confidence, knowing it is doing exactly what it is supposed to do.