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When will I receive Form 5498 for tax purposes?

The IRS requires custodians report the fair market value (FMV) of IRAs and the contributions made to those accounts annually on Form 5498. The IRA type, contributions made during and for the tax year, and the FMV at the end of the tax year are all reported on Form 5498. A copy is sent to both the account holder and the IRS by May 31 since account holders have up to Tax Day to make a previous year contribution to Traditional and Roth IRAs.

If you need the information sooner, you may be able to use the information on the annual statement sent at the end of January, or we can provide you with an impromptu statement. If you are expecting a Form 5498 and do not receive the form by the end of June, please contact us and we will provide you with a copy. Please note that you generally will not receive a Form 5498 unless you made a contribution to your account for the tax year.