What is a 5498?
Form 5498 is used to report IRA contribution information.
Why do I file 5498?
The IRS requires that all income and deductible expenses are reported by businesses and individuals or penalties could apply.
Who needs to file 5498?
File Form 5498 for each person for whom you maintained any individual retirement arrangement (IRA), including a deemed IRA under section 408(q). See the official IRS instructions.
What to report
Contributions (including rollover contributions) to any individual retirement arrangement (IRA) including a SEP, SIMPLE, and Roth IRA; Roth conversions; IRA recharacterizations; and the fair market value (FMV) of the account.