When you save for retirement with an individual retirement arrangement, you probably receive a Form 5498 each year. The institution that manages your IRA must report all contributions you make to the account during the tax year on the form. Depending on the type of IRA you have, you may need Form 5498 to report IRA contribution deductions on your tax return.
Form 5498: IRA Contributions Information reports your IRA contributions to the IRS. Your IRA trustee or issuer – not you – is required to file this form with the IRS by May 31. You won't find this form in TurboTax, nor do you file it with your tax return. The copy you receive in the mail is a copy for your records.