IRS Form 5498, IRA Contribution Information, is used by financial institutions to report contributions, rollovers, and other transactions related to Individual Retirement Accounts (IRAs). Unlike most tax forms (like the 1099 forms) that are due in January, Form 5498 is typically sent in May.
Here’s why you might receive it later than expected:
Reasons Why Form 5498 Is Sent in May
1. Contributions Can Be Made Until April 15
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The IRS allows contributions to an IRA (Traditional, Roth, SEP, or SIMPLE) to be made up until the tax filing deadline (April 15) for the prior tax year.
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Contributions made from January to April can still count toward the previous year, so financial institutions are given extra time to report them.
For more details on deadlines, see our guide on 1099 filing due dates.
2. It’s for Reporting, Not Filing Taxes
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Unlike W-2 forms or 1099 forms, Form 5498 does not report taxable income.
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Instead, it is for informational purposes only and does not affect your ability to file your tax return before receiving it.
3. It Confirms IRA Transactions
Form 5498 reports key information such as:
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IRA contributions (Traditional and Roth IRAs)
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Rollover contributions (from another retirement plan)
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Fair market value (FMV) of the IRA
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Required Minimum Distributions (RMDs) for individuals over age 73
Even though RMDs are due by December 31, some account holders delay taking their first RMD until April 1 of the following year, which can push back reporting.
4. Does Not Affect Refund Timing
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Because Form 5498 is informational, it does not delay your refund or require you to amend your return unless contributions were misreported.
What Should You Do If You Receive Form 5498 in May?
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Review it for accuracy – Make sure the contributions or rollovers match your records.
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Keep it for your records – You don’t need to file it with your return, but it helps track IRA contributions.
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Take action only if there’s an error – If incorrect, contact your financial institution to have it corrected.
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