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5498 Tax Form

What each box on Form 5498 means, why it arrives after you file, the 2026 IRA limits, and a calculator for excess contributions and how much to withdraw.

Updated November 4, 2026. Free, no sign-up; everything runs in your browser and nothing you type is stored.

5498 tax form excess contribution calculator (2026)

Age at the end of 2026Taxable compensation ($)Box 1 traditional IRA contributions ($)Box 10 Roth IRA contributions ($)Adjusted opening balance: value before the contribution + contributions ($)Adjusted closing balance: value now + any distributions ($)

Excess contribution

–

–Your 2026 limit (all IRAs)

–Amount to withdraw, with net income attributable

–Form 5329 tax if left in

What the 5498 tax form reports

Your IRA custodian files Form 5498 with the IRS by May 31 of the following year, after the contribution deadline has passed, so you usually file your return before it arrives. You don't attach it.

Box 1 traditional IRA contributions; Box 10 Roth IRA contributions; Box 2 rollovers; Box 3 Roth conversions.
Box 5 fair market value on December 31, used for next year's RMD and the Form 8606 pro-rata rule.
Box 8 SEP and Box 9 SIMPLE contributions. Box 11 checked means an RMD is due next year; Boxes 12a and 12b show the date and amount.

2026 limits and excess contributions

Traditional and Roth IRA contributions together are limited to $7,500 for 2026, or $8,600 at 50 or older, and no more than your taxable compensation. The Roth limit phases out between $153,000 and $168,000 of MAGI for single filers. An excess left in the account costs a 6% excise tax every year on Form 5329. To avoid it, withdraw the excess plus its net income attributable (NIA) by your tax-filing deadline, including extensions: NIA = excess × (adjusted closing balance − adjusted opening balance) ÷ adjusted opening balance.

Common questions

When is Form 5498 sent?

Custodians file it by May 31 of the following year, so it often arrives after you file.

Do I need Form 5498 to file my taxes?

No, you don't attach it; keep it for your records.

What is the penalty for an excess IRA contribution?

6% of the excess for each year it stays in the account, reported on Form 5329.

Sources

More paycheck and tax calculators: 1099 SA · 1099G · Amended Tax Return (1040-X) · American Opportunity Tax Credit

General information, not financial, tax or legal advice. Check important numbers with the official source before acting on them.