I Recharacterized a Traditional IRA Contribution to a Roth IRA Contribution. Why Does IRS Form 5498 Still Report the Original Contribution?

We are required to report the original IRA contribution on IRS Form 5498, even though it was recharacterized to your Roth IRA. IRS Form 1099-R reports the amount being removed from your Traditional IRA, and IRS Form 5498 reports the amount recharacterized into your Roth IRA.