How to complete IRS Form 5498 for the Tax Year 2025? 

As the 2025 tax year ends, it’s time for IRA custodians and trustees to start getting ready to file Form 5498, IRA Contribution Information. This important IRS form is used to report IRA contributions, rollovers, conversions, and the fair market value of each account. It helps ensure that both the IRS and account holders have accurate, up-to-date information about retirement savings activity. Let’s explore in detail! 

What is Form 5498? 

Form 5498 is a tax form used by financial institutions to report contributions, rollovers, conversions, and required minimum distributions (RMDs) for individual retirement accounts (IRAs) to the IRS and the taxpayer. 

What information is needed to file Form 5498? 

Before filing Form 5498 IRA custodians or trustees need to gather some key details to ensure everything is reported accurately. Here’s what you’ll need: 

• Trustee or Issuer Information – Start by providing the name, address, and taxpayer identification number (TIN) of the financial institution responsible for the account. 
• IRA Owner Details – Include the account holder’s name, address, and Social Security Number or Taxpayer Identification Number. 
• Type of IRA & Account Number – Specify the type of IRA (Traditional, Roth, SEP, or SIMPLE) and include the unique account number to distinguish it, especially if the individual has multiple IRAs. 
• Contributions & Transactions – Report all contributions, rollovers, conversions, or recharacterizations made to the account during the year. 
• Year-End Fair Market Value (FMV) – Provide the value of the IRA as of December 31st and indicate if the account is subject to a required minimum distribution (RMD) for the following year. 
• Special Assets – If the IRA holds any non-traditional or specified assets, make sure to include those details as well. 

Step-by-Step Guide to Filing IRS Form 5498 

If you’re an IRA custodian or trustee, you’re responsible for reporting all IRA contributions and related transactions to both the IRS and the account holders using Form 5498. This step-by-step guide will help you navigate the filing process for the 2025 tax year, making sure everything is accurate and submitted on time. 

Enter the trustee or issuer’s name, address, and taxpayer identification number (TIN) 

Enter the Participant TIN, which is the individual’s Taxpayer Identification Number—typically their Social Security Number (SSN). 

Enter the Participant name, address along with the Zip or the Foreign postal code to ensure accurate identification and IRS reporting. 

An account number is required if you’re filing more than one Form 5498 for the same recipient who has multiple accounts. In fact, the IRS recommends including an account number on all Forms 5498 you file to help clearly identify each account. 

Box 1: Reports regular contributions made to a Traditional IRA for the tax year, including those made by the tax filing deadline (usually April 15) of the following year. Only contributions intended for that specific tax year. 

Box 2: Enter the rollover contributions made 2025 to your IRA. 

Box 3: Enter the total amount converted from a traditional IRA or other eligible retirement plans to a Roth IRA in the tax year. 

Box 4: Report any contributions that were recharacterized (changed from one type of IRA contribution to another) during the tax year. 

Box 5: Enter the fair market value (FMV) of the account as of December 31, 2025. 

Box 6: Enter the amount of life insurance cost included in the contributions reported in Box 1, according to IRS Form 5498. 

Box 7: Choose the type of IRA for the reported contributions—Traditional, SEP, SIMPLE, or Roth IRA. 
If you are unsure of the type, default to “IRA”. 

Box 8: Enter the total SEP IRA contributions made for the tax year. 

Box 9: Enter the total SIMPLE IRA contributions made for the tax year. 

Box 10: Enter the total Roth IRA contributions made during the tax year. 

Box 11: Check this box if a required minimum distribution (RMD) is required for 2026. 

Boxes 12a/12b: Enter the date and amount of the required minimum distribution (RMD). 

Boxes 13a–13c: Enter the postponed or late contributions, including the year for which the contributions were made. 

Boxes 14a/14b: Enter amounts of repayments to the IRA and include the applicable IRS code related to the repayment. 

Boxes 15a/15b: Enter the fair market value (FMV) and the applicable codes for any specified assets held in the account.