IRS Releases Draft 2027 Form 5498

The IRS has issued a draft 2027 Form 5498, IRA Contribution Information. Form 5498 is used to report IRA-related information, including contributions to IRAs, SEP plans, SIMPLE plans, end-of-year fair market values, rollovers, conversions, recharacterizations, etc. 

Of note in the draft is a new “Box 16a, Saver's Match DN”. The instructions for the participant included in the form state “Shows the Saver’s Match Destination Number (DN). If you claim and want your IRA to receive the Saver’s Match, then enter this number on Form 8880-A”. IRS Notice 2026-48 issued in August contemplates whether there are ways to update informational returns that are required to be filed with the IRS (including the Form 5498) to streamline the payment of Saver’s Match contributions with respect to an IRA.