what is form 5498

Form 5498 is a tax form used to report contributions made to an individual retirement arrangement (IRA) to the Internal Revenue Service (IRS) . The form is filed by the trustee or issuer of the IRA, not the account holder, and is used to report contributions, rollovers, Roth IRA conversions, and required minimum distributions (RMDs) to the IRS. The form also includes information about the type of IRA account, such as traditional IRA, Roth IRA, SEP IRA, or SIMPLE IRA, and the fair market value of the accounts investments. The form is usually mailed to the account holder and the IRS by May 31 of each year. The account holder is not required to file the form with their tax return, but should keep it with their tax records.