What is IRS Form 5498?
IRS Form 5498, also known as "IRA Contribution Information," is a tax form used by financial institutions to report contributions, rollovers, and fair market value (FMV) of an Individual Retirement Account (IRA) to the IRS and the account holder.
The form is typically issued by custodians or trustees of IRAs, including Traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs.
When is IRS Form 5498 used?
Financial institutions and IRA custodians file Form 5498 with the IRS to report contributions made to an IRA during the tax year, including:
Regular contributions to Traditional or Roth IRAs
Rollover contributions from another retirement account
SEP or SIMPLE IRA contributions from an employer
Fair market value of the IRA at year-end
Required Minimum Distributions (RMDs) for eligible account holders
The custodian must send a copy of Form 5498 to the account holder by May 31st of the following tax year.
However, IRA owners do not need to file this form with their tax return—it is for informational purposes only.
Does IRS Form 5498 apply to a Solo 401k plan?
No, IRS Form 5498 does not apply to Solo 401k plans. The form is specifically designed for IRAs, and Solo 401k plans are not IRAs—they are qualified retirement plans under different IRS rules.
Because a Solo 401k is not held by a financial institution that acts as a custodian, there is no requirement for an institution to file Form 5498 on behalf of the plan. Instead, Solo 401k owners manage their own plan assets and reporting responsibilities.
What form would I use (if any) to document 401k contributions?
If you have a Solo 401k, there is no IRS requirement to file a specific form to report contributions at the time they are made.
However, you should keep accurate records of your contributions for tax and compliance purposes.
Here are the forms that may be relevant to a Solo 401k:
IRS Form 1040 – If you made employee elective deferrals, you report them on your individual tax return, reducing your taxable income. These contributions appear on Schedule 1, line 16 (Self-Employed Retirement Plans).
IRS Form 1120-S or 1065 – If your business is an S Corporation or Partnership, employer contributions to the Solo 401k should be reported on the business tax return as an employer deduction.
IRS Form 5500-EZ – If your Solo 401k plan has $250,000 or more in total assets at year-end, you must file this annual informational return with the IRS.
Although there is no equivalent to Form 5498 for Solo 401k plans, keeping proper documentation of all contributions, rollovers, and distributions is essential for compliance and tax reporting.
For more details on Solo 401k plan contributions and reporting, check out our other support articles or consult with a tax professional.