What is the purpose of Form 5498?
The IRS requires Madison Trust to file form 5498 each year in order to report the fair market value (FMV) of the IRA based on the client-reported last-known-value.
Form 5498 reports any rollovers, contributions, conversions or recharacterizations received in your IRA during the prior tax year.
Further, this form is used to indicate if you are required to take a Required Minimum Distribution (RMD).