What do I do with Form 5498?

Form 5498 (IRA Contribution Information) is generally not required to file your tax return. Unlike a W-2 or 1099, you don't need to enter  it into TurboTax. In most cases, the information needed for your tax return is shown elsewhere, such as a year-end summary statement, brokerage transaction history, or a Form 1099-R.

Keep Form 5498 with your records for future reference when you need to determine the end-of-year value or your contribution basis in non-deductible or Roth IRAs.

What is Form 5498?

Form 5498 is an informational form filed with the IRS by your IRA custodian. It reports contributions, rollovers, and conversions made to your IRA during the tax year, along with your account’s year-end fair market value. 

The form covers:

Why haven’t I received Form 5498 yet?

Your IRA custodian isn’t required to send it until May 31, which is after the April filing deadline. Because the IRA contribution window for a given tax year is open through the April deadline, the custodian waits to capture all contributions before reporting. When filing before May 31, use your year-end account statement and your transaction history instead. 

Where does Form 5498 come up in TurboTax?

If you have a traditional, SEP, or SIMPLE IRA, TurboTax will ask for your account’s fair market value as of December 31. That number comes from Form 5498 or from your year-end account statement and your brokerage transaction history if you haven’t received the form yet. 

What if I never received Form 5498 at all?

If you believe you should have received a Form 5498, check your online tax documents or contact your IRA trustee or plan administrator directly. They are required to provide it. While waiting, your year-end brokerage statement will show your December 31 balance, and your transaction history will show any contributions made after January 1.