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Form 5498 is a very crucial document that reports all your IRA contributions, Roth conversions, rollovers, and RMDs. You don't need to fill out this form with the income tax return form, but if you do, then it can help you keep your tax records. If any rollovers find into your account, then your custodian will send you this form by the end of May 31 every year.
No, as an individual taxpayer, you don't need to file Form 5498 with the tax return. This form only helps you to report contributions to the IRA for the last year.
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You cannot directly report your Form 5498 with your income tax return. This form is only used for information purposes and to report the contribution made to the IRA, required minimum Distributions (RMDs), and the fair market value of IRA accounts.
Form 5498 is a tax form that is used to report the IRA details to the IRS.
The trustee IRA or custodian is responsible for mailing 5498 to the IRS with a valid copy.