Received Form 5408 Ira Contribution listing a $5000 contribution in box 2, a in box 5 "FMW of account." $49,000. Box 7 IRA checked. Taxes long done. Now what?

You mean a Form 5498.  A Form 5498 is not entered on a tax return as it is an informational form only.

The 5498 is usually issued in May.   It's purpose to to inform the IRS of IRA activity for the previous year and you get an information copy for your records.  (It is issued in May because new IRA contributions can be made up to the tax return due date [April 15] for the prior year.)