Form 5498: IRA Contribution Information, Box by Box

“File this form for each person for whom you maintained any individual retirement arrangement (IRA), including a deemed IRA under section 408(q).”

“The information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, including any catch-up contributions, rollovers, repayments, required minimum distributions (RMDs), and the fair market value (FMV) of the account.”

“For a Trump account, Form 5498 is only used after the account beneficiary’s growth period. Form 5498-TA is used during the account beneficiary’s growth period.”

“This information is being furnished to the IRS.”

“File Form 5498, IRA Contribution Information, with the IRS by May 31, 2027, for each person for whom in 2026 you maintained any individual retirement arrangement (IRA), including a deemed IRA under section 408(q).”

“An IRA includes all investments under one IRA plan. It is not necessary to file a Form 5498 for each investment under one plan. For example, if a participant has three certificates of deposit (CDs) under one IRA plan, only one Form 5498 is required for all contributions and the fair market values (FMVs) of the CDs under the plan. However, if a participant has established more than one IRA plan with the same trustee, a separate Form 5498 must be filed for each plan.”

“Caution: You are required to file Form 5498 even if required minimum distributions (RMDs) or other annuity or periodic payments have started.”

“Report contributions to a Kay Bailey Hutchison Spousal IRA under section 219(c) on a separate Form 5498 using the name and TIN of the spouse.”

“If you are required to file Form 5498, you must provide a statement to each participant by February 1, 2027. The statement must show the value of the participant’s account as of December 31, 2026, including information required to be reported in boxes 15a and 15b for hard-to-value assets and RMD, if applicable.”

“Note: Trustees of SIMPLE IRAs must also provide a statement of the account activity by February 1, 2027. Contribution information for all other types of IRAs must be provided by May 31, 2027. You are not required to provide information to the IRS or to participants as to whether a contribution is deductible or nondeductible. In addition, the participant is not required to tell you whether a contribution is deductible or nondeductible.”

“If you furnished a statement of the FMV of the account (including information required to be reported in boxes 15a and 15b for hard-to-value assets) and RMD, if applicable, to the participant by February 1, 2027, and no reportable contributions, including rollovers, recharacterizations, or Roth IRA conversions, were made for 2026, you need not furnish another statement (or Form 5498) to the participant to report zero contributions. However, you must file Form 5498 with the IRS by May 31, 2027, to report the December 31, 2026, FMV of the account and the FMV of hard-to-value assets.”

“If no reportable contributions were made for 2026, complete only boxes 5 and 7, and boxes 11, 12a, 12b, 15a, and 15b, if applicable.”

“Due dates. If the filing due date in these instructions falls on a Saturday, Sunday, or legal holiday, you will be considered to have timely filed if you file by the next day that is not a Saturday, Sunday, or legal holiday. Legal holidays for this purpose are legal holidays in the District of Columbia or a statewide legal holiday where the return is required to be filed. Also, a leap year does not extend the filing deadline. Dates of February 28 in these instructions remain February 28 even in leap years; the due date does not become February 29.”

“Check the box if the participant must take an RMD for 2027. You are required to check the box for the year in which the IRA participant reaches age 73 even though the RMD for that year need not be made until April 1 of the following year. Then, check the box for each subsequent year an RMD is required to be made.”

“RMDs. A traditional IRA owner/participant must begin taking distributions for each calendar year beginning with the calendar year in which the participant reaches age 73 (after December 31, 2022, and before January 1, 2033). The distribution for the 73-year-old must be made no later than April 1 of the following calendar year; RMDs for any other year must be made no later than December 31 of the year. See P.L. 117-328, Div. T, Title III, section 107.”

“If the box is checked, you must take an RMD for 2027. An RMD may be required even if the box is not checked. If you do not take the RMD for 2027, you are subject to an excise tax on the amount not distributed.”

“Reporting to the IRS. If an RMD is required, check box 11. See Box 11, later. For example, box 11 is checked on the Form 5498 for a 2027 RMD. You are not required to report to the IRS the amount or the date by which the distribution must be made. However, see the Caution following the box 11 instructions, later, for reporting RMDs to participants.”

“Caution: Boxes 12a and 12b are provided for your use to report RMD dates and amounts to participants. You may choose to complete these boxes, or continue to provide a separate Form 5498, or a separate statement, to report the information required by Alternative one or Alternative two, earlier.”

“New code HP for box 14b of Form 5498. We added “HP” as the code to use for the repayment of a qualified first-time home purchase distribution. See the instructions for boxes 14a and 14b of Form 5498, later.”

“For the trustee’s or issuer’s and participant’s information, we separated the address fields into separate entry boxes on Form 5498.”