Form 5498

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Form 5498

A form that one files with the IRS to report contribution and other information on an individual retirement account. A company managing IRAs must report contributions, rollovers, traditional to Roth IRA conversions, account closures, and required minimum distributions on each IRA under management. However, they are not required to report the individual investments that each IRA makes.
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And, he adds, extra communication is needed so that when clients get their 5498 forms from their custodian in late spring, they do not think this new form is a change to the 1099 form they have already received.