401(k) rollover glossary
Form 5498
Form 5498 is the IRS form that your IRA custodian files annually to report rollover contributions and IRA values. It is your proof that a rollover was completed correctly — and a mismatch with your 1099-R is a common audit trigger.
Form 5498 is filed by your IRA custodian — not you — each year to report contributions to your IRA, including rollover contributions. Unlike most tax forms, you receive the 5498 after the tax filing deadline (typically in May or June), because it reports the prior calendar year's contributions.
When you complete a rollover, your new IRA custodian files a Form 5498 showing the rollover amount received. The IRS matches this 5498 against the 1099-R from your old custodian. If the rollover amount on the 5498 matches the distribution on the 1099-R, the IRS is satisfied — no taxable event.
A mismatch between your 1099-R and the 5498 is a common trigger for a CP2000 notice — the IRS automated letter that proposes additional tax when income appears unreported. This happens most often when a rollover is completed in December (the 1099-R arrives in January) but the corresponding 5498 isn't filed until May of the following year.
You do not file Form 5498 yourself — the custodian does it automatically when you contribute or roll over into an IRA. However, you should save every 5498 you receive as proof that the rollover was completed. If you receive a CP2000 notice, your 5498 is the primary document you submit in response.
Also watch for form 5498 in the tax year after a large rollover. If you rolled over in November or December, the corresponding 5498 may not be filed by your first tax deadline. Keep the rollover documentation (acknowledgment letter from the destination custodian) until you receive the 5498 confirming the deposit.
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Frequently asked questions
- Do I need to attach Form 5498 to my tax return?
- No. Form 5498 is filed directly by the custodian with the IRS. You receive an informational copy for your records but do not include it with your tax return. Keep it as documentation that the rollover was completed.
- Why do I receive Form 5498 after the tax deadline?
- The IRS allows IRA contributions until the tax filing deadline (April 15) and gives custodians extra time to track all contributions before filing the 5498. This is why you typically receive it in May or June — after you have already filed your return.
- What should I do if I receive an IRS CP2000 notice about a rollover?
- Respond to the notice with a copy of your Form 5498 and any rollover acknowledgment from the destination custodian, showing the rollover was completed. The IRS automated system sometimes proposes tax on rollovers before the 5498 is filed — a written response with documentation resolves most cases.
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This glossary entry provides educational information based on IRS rules. It is not tax or legal advice for your specific situation.