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Form 5498 Boxes 2, 3 and 4: Rollovers and Conversions

Updated September 29, 2026. Quick answer: On Form 5498, Box 2 reports rollover contributions into the IRA, Box 3 reports the amount converted from a traditional IRA to a Roth IRA, and Box 4 reports recharacterized contributions. A late rollover goes in Box 13a instead of Box 2.

Box 2, rollover contributions

The IRS instruction to the trustee is: “Enter any rollover contributions (or contributions treated as rollovers) to any IRA received by you during 2026.” 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. The instructions list what counts, including “A 60-day rollover between Roth IRAs or between other types of IRAs.”, and “A direct or indirect (within 60 days) rollover from a qualified plan, section 403(b) plan, or governmental section 457(b) plan.” The list also includes “A military death gratuity.” and “An SGLI payment.”.

Property, and late rollovers

For a rollover of property the instruction is “enter the FMV of the property on the date you receive it” (FMV means fair market value). The participant copy of the form adds the point that matters when a rollover ran late: “Any late rollover contributions are shown in box 13a.” See the Box 13 page.

Box 3, the Roth conversion amount

The instruction reads: “Enter the amount converted from a traditional IRA to a Roth IRA during 2026.” A rollover from one Roth IRA to another is not a conversion. The instructions say “Do not include a rollover from one Roth IRA to another Roth IRA”, which belongs in Box 2. The form reports the conversion amount only; it does not calculate any tax. CMG’s Roth conversion windows guide and pro rata calculator cover the tax side.

Box 4, recharacterized contributions

The instruction is short: “Enter any amounts recharacterized plus earnings from one type of IRA to another.” It is a separate box from Box 1, and Box 1 is told to leave recharacterizations out (see the Box 1 page).

Common mistakes

  • Reading Box 2 as a taxable amount. It reports money moved into an IRA, not tax owed.
  • Looking for a Roth-to-Roth rollover in Box 3. The instructions send that to Box 2.
  • Missing a late rollover in Box 2. The participant copy says late rollovers show in Box 13a.

Related: Form 5498 Box 1: IRA Contributions Explained, Form 5498 Box 13a, 13b and 13c: Postponed and Late, Form 5498 Boxes 8, 9 and 10: SEP, SIMPLE and Roth, the Roth conversion windows guide, and the Form 1099-R Box 7 codes.

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) and the Form 5498 participant copy (2026) on September 30, 2026. The IRS did not yet list a 2027 edition.

Sources

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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.