Updated September 29, 2026. Quick answer: Box 5 of Form 5498 is the fair market value (FMV) of the IRA on December 31 of the year. On a decedent’s form it can instead be the value on the date of death, and a beneficiary’s form shows the beneficiary’s own share at year end.
What goes in Box 5
The IRS instruction to the trustee reads: “Enter the FMV of the account on December 31, 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 trustee must value every asset, including unusual ones: “Trustees and custodians are responsible for ensuring that all IRA assets (including those not traded on established markets or not having a readily determinable market value) are valued annually at their FMV.”
When you get the value, and a year with no contributions
On timing, the instructions say “The statement must show the value of the participant’s account as of December 31, 2026”, furnished by February 1, 2027. If nothing was contributed, a second form may not be sent, but the trustee still files: “you must file Form 5498 with the IRS by May 31, 2027, to report the December 31, 2026, FMV of the account and the FMV of hard-to-value assets”. The hard-to-value assets are on the Box 15 page.
A decedent’s IRA and an inherited IRA
For someone who died, the instructions say: “On the decedent’s Form 5498 and annual statement, you must enter the FMV of the IRA on the date of death in box 5.” The trustee may instead report the year-end value, which “will usually be zero because you will be reporting the end-of-year valuation on the beneficiary’s Form 5498 and annual statement”. On the beneficiary’s form the figure is “the FMV of that beneficiary’s share of the IRA as of the end of the year”, and “The same figure should not be shown on both the beneficiary’s and decedent’s forms.” The participant copy adds that “the executor or administrator of the estate may request a date-of-death value from the financial institution”. CMG’s IRA beneficiary mistakes page covers what heirs do next.
Box 6, life insurance cost
Box 6 is rare. The instruction is “For endowment contracts only, enter the amount included in box 1 allocable to the cost of life insurance.” Most IRA owners will see it blank.
Common mistakes
- Reading a zero in Box 5 on a decedent’s form as an error. The instructions say it will usually be zero when the trustee uses the year-end method.
- Treating Box 5 as what you contributed. It is a value, not a contribution.
- Assuming Box 5 is required only for accounts with activity. The trustee still files to report the year-end value.
Related: Form 5498 Box 15a and 15b: Hard-to-Value IRA Assets, Form 5498 Box 11 and Box 12: RMD Checkbox and Amount, IRA beneficiary mistakes, and whether an inherited IRA can be converted.
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
- 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.