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What if my IRS Form 5498 appears incorrect or I did not receive it?

If you completed a reportable IRA transaction, such as a contribution, rollover, conversion, or recharacterization, STRATA will file IRS Form 5498 and make a copy available to you based on your communication preferences.

You may also access tax forms through your STRATA online account in the Statements & Documents section.

Why does my IRS Form 5498 still show an excess contribution?

IRS reporting rules require custodians to report the original contribution amount on IRS Form 5498, even if the contribution was later removed as an excess contribution. The removal of the excess amount is generally reported separately on IRS Form 1099-R.

Why does my IRS Form 5498 still show the original contribution after a recharacterization?

If a Traditional IRA contribution was later recharacterized to a Roth IRA contribution, the original contribution may still appear on IRS Form 5498. IRS Form 1099-R reports the amount removed from the Traditional IRA, while Form 5498 reports the amount contributed to the Roth IRA through the recharacterization.

  • Form 1099-R reports the amount moved out of your Traditional IRA.
  • Form 5498 reports the amount recharacterized into your Roth IRA.

Always consult a qualified tax professional regarding your specific tax situation and IRS reporting questions.