Updated September 29, 2026. Quick answer: Box 15a of Form 5498 reports the fair market value of IRA investments that are hard to value, and Box 15b holds the code for the type of asset, A through G, or H when more than two types are held. At most two codes are entered.
Box 15a and 15b
The IRS instruction for Box 15a reads: “Enter the FMV of the investments in the IRA that are specified in the categories identified below.” The instructions read here are the 2026 edition of the IRS Instructions for Forms 1099-R and 5498, which cover Form 5498 for 2026 and are written for the IRA trustee or issuer that files it. For Box 15b: “Enter the code for the type(s) of investments held in the IRA for which the FMV is reported in box 15a.” The limit is “A maximum of two codes can be entered in box 15b. If more than two codes apply, enter code H.”
The eight codes
| Box 15b code | What the IRS says the code covers |
|---|---|
| A | “stock or other ownership interest in a corporation that is not readily tradable on an established securities market.” |
| B | “short- or long-term debt obligation that is not traded on an established securities market.” |
| C | “ownership interest in a limited liability company or similar entity (unless the interest is traded on an established securities market).” |
| D | “real estate.” |
| E | “ownership interest in a partnership, trust, or similar entity (unless the interest is traded on an established securities market).” |
| F | “option contract or similar product that is not offered for trade on an established option exchange.” |
| G | “other asset that does not have a readily available FMV.” |
| H | “more than two types of assets (listed in A through G) are held in this IRA.” |
What it means for the account owner
If you hold an asset like real estate or an LLC interest in an IRA, the Box 15a figure is the trustee’s reported value of it, and it is part of the trustee’s duty to value assets annually. That duty is quoted on the Box 5 page.
Common mistakes
- Reading Box 15a as the whole account value. It covers only the specified asset categories; the account value is in Box 5.
- Expecting a code for each asset type. At most two codes are entered, and H is used when more than two types apply.
- Reading a code as a valuation method. It names the type of asset, not how the trustee valued it.
Related: Form 5498 Box 5: Fair Market Value of Account, and Form 5498 Box 7: IRA, SEP, SIMPLE and Roth Checkboxes.
Every box in one place: the Form 5498 boxes table. A withdrawal from an IRA is reported on Form 1099-R instead; see the Form 1099-R Box 7 codes.
Figures verified against the IRS Instructions for Forms 1099-R and 5498 (2026 edition, posted as a draft proof dated June 18, 2026), the IRS Form 5498 participant copy and the IRS About Form 5498 page on September 30, 2026. No 2027 figures were announced on the pages read.
Sources
- IRS, Instructions for Forms 1099-R and 5498 (2026): https://www.irs.gov/pub/irs-pdf/i1099r.pdf
- IRS, Form 5498, IRA Contribution Information (2026), participant copy: https://www.irs.gov/pub/irs-pdf/f5498.pdf
- IRS, About Form 5498: https://www.irs.gov/forms-pubs/about-form-5498
Source: the IRS instructions for the filer of Form 5498, read at irs.gov on September 29, 2026. General information, not tax advice. Your own facts decide the outcome, and a preparer, the account provider or the IRS is the right place to confirm anything consequential.