Yes. The 5498 does not replace a 8606. The IRS would probably never catch this but if they did check they would find that the 8606's that you file did not match what the bank reported on 5498 forms and could deny the tax offset. I recommend going by the book.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
