Last updated:
-by Alexia Zepeda | TaxZerone
Form 5498 due dates at a Glance
- The form must be filed by IRA custodians or trustees for Traditional, Roth, SEP, SIMPLE, and deemed IRAs, and a copy must be provided to the IRA owner for their records.
- Participant copies are due based on the information reported: January 31 for FMV, RMD, and SIMPLE IRA contribution information, and May 31 for all other contributions.
- Form 5498 must be filed with the IRS by May 31 for both paper filing and electronic filing.
- Late or incorrect Form 5498 filings may result in IRS penalties ranging from $60 to $680 per return, depending on the timing and circumstances of the failure.
- Custodians who need additional time to file may request a 30-day extension by submitting Form 8809 before the filing deadline.
Form 5498 is an IRS information return used by IRA custodians or trustees to report contributions, rollovers, conversions, and the fair market value of Individual Retirement Accounts (IRAs) for the tax year. Understanding the due dates for Form 5498 is crucial for both custodians and IRA owners to ensure compliance and accurate reporting.
Table of Contents
What is IRS Form 5498?
Simplify your 5498 filing for IRA reports and deadlines.
File your Form 5498 online with TaxZerone — secure, simple, and reliable.
Who should file Form 5498?
Form 5498 must be filed by the IRA custodian or trustee-the financial institution or entity responsible for maintaining an individual retirement account (IRA) for the account holder. This includes custodians of traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs, and deemed IRAs under section 408(q).
Filing Deadline for Form 5498
Understanding the key deadlines for Form 5498 IRA reporting is essential for staying compliant with IRS regulations. For more information, visit our Form 5498 deadline page.
| Form 5498 | Deadlines |
|---|---|
| Providing copy to the participants | February 2, 2026 |
| Paper filing | June 01, 2026 |
| IRS e-filing | June 01, 2026 |
| Reporting IRA contributions | June 01, 2026 |
Penalties for late filing Form 5498:
Failing to file Form 5498 IRS on time or submitting inaccurate information can lead to penalties from the IRS for incorrect reporting of IRA account details. Here are the potential penalties for non-compliance:
| Scenario | Penalty per return | Penalty for small businesses | Penalty for large businesses |
|---|---|---|---|
| Failure to file on time | $60 | $239,000 | $683,000 |
| Failure to file after 30 days before August 1 | $130 | $683,000 | $2,049,000 |
| IRS e-filing | $340 | $1,366,000 | $4,098,500 |
| Intentional Disregard | $680 | No limit | No limit |
Need more time to file Form 5498?
No problem! You can request a 30-day extension by filing Form 8809, to avoid penalties and stress-free.
How to file 5498 Form with TaxZerone?
File your IRS form 5498 easily in 3 simple steps.
Step 1: Log in to your TaxZerone Free Account
Step 2: Choose “Form 5498” and enter the required details of trustees and participants including IRA contribution made.
Step 3: Review and Transmit to the IRS and send a Participant copy’s through ZeroneVault or postal mail.