Form 5498 reports all types of contributions (including rollovers*, conversions, recharacterizations) made to your IRA. It may also report your year end Fair Market Value (FMV) and if you must take a Required Minimum Distribution (RMD). The following IRA plans will generate an IRS Form 5498 when a contribution is made: Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA.
Form 5498 is strictly informational and not filed with your tax returns, however it is important to keep a copy for your own records. For tax advice, please consult your tax advisor.
* If the contribution is rolled over directly from an IRA to another eligible IRA (also known as a Trustee to Trustee transfer), the rollover is considered tax-free and is not reported on a Form 1099-R or a Form 5498.