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File 5498 Online

E-File Workforce Payroll is a comprehensive system designed to streamline your entire E-Filing and file 5498 online.

What is Form 5498?

Form 5498, “IRA Contribution Information,” is an IRS tax document used to provide details about contributions made to Individual Retirement Accounts (IRAs). The document contains all tracks of transactions made to an IRA, including:

  • Contributions (traditional, Roth, SEP, SIMPLE IRAs)
  • Rollovers
  • Roth conversions
  • Required minimum distributions (RMDs)
  • The fair market value (FMV) of your IRA account at year-end
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Form 5498

Purpose of Form 5498

The primary purpose of Form 5498 is to provide a clear track record of all transactions (contributions) made to IRA accounts. It’s used by IRA trustees or custodians (financial institutions) to report contributions made to various types of IRAs (individual retirement accounts). This includes tracking contributions made during the tax year and those made between January 1st and the tax filing deadline of the following year.

Form 5498 IRA Contribution

It is essential to note that 5498 is all about contributions made to IRAs. That is way different from Form 1099-R, which is used to report distributions from IRAs. Form 5498-SA serves a similar role by reporting contributions to HSAs and MSAs.

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When is Form 5498 Issued & Deadline

  • Financial institutions must file Form 5498 with the IRS by May 31st.   
  • It is important to note that if that date falls on a weekend or holiday, the deadline is then moved to the next business day.
  • As an example, in 2025, the deadline is June 2nd.
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Form 5498 Instructions to File Through E-File Workforce Payroll

Individuals don’t need to file Form 5498 with the IRS. The form is for record purposes only. However, if you are a trustee or financial institute, the below guidelines will help you effortlessly file Form 5498:

  • Account Creation: Create an account with E-File Workforce Payroll and log in.
  • Form Selection: From the left menu, select Form 5498.
  • Filling up Details: In addition, select your filing year and submit all required information.
  • Form Submission: Once completed, you can submit the form and send a copy B to the recipient. 
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Form 5498 Instructions

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    Frequently Asked Questions: IRS Form 5498

    Form 5498 is an IRS document used to report contributions made to IRAs by individuals. Trustees and financial institutions that keep IRAs file this form and provide copies to individual recipients as well.
    As an individual, you will not need this form for tax purposes. However, its a crucial informational document that you must keep.
    You do not physically attach or enter the data from Form 5498 onto your Form 1040 or any other tax form that you file with the IRS. The primary place for Form 5498 is in your personal tax records. You should keep it for your own documentation.

    Use it to verify the contributions made to your IRAs, track the fair market value of your IRA accounts, and confirm rollovers or conversions. You can further use this information for future tax years, especially when calculating RMDs and the taxable portion of IRA distributions. 

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