I received a form 5498. It showed a 2022 traditional IRA contribution in box 1. I have no problem with this. It was a 2022 contribution made in 2023.

15 – 30 minutes after the 2022 Traditional account was created, the money was converted to a Roth as a 2023 conversion.
The Traditional account was then closed.
I had no Traditional Account or balances in this institution on December 31, 2022. (Nor do I have any tradtional account or balances in this institution as of 3/31/2023.

The form 5498 for 2022, issued May 2023 has a blank box 5 and a checkmark in box 11.

I have told them I want a corrected 5498 that shows the contribution as is, but has a $0 in box 5, and no check mark in box 11 or I want a corrected 5498 with the blank in box 5 and no check in box 11.

Box 11.
Even though I never had ANY IRA money in this institution prior to 2023, so based on this institution’s knowledge of my IRA situation, there is NO POSSIBLE WAY I could owe a 2023 RMD based on funds there, they are saying they still have to check box 11 because of my age. I don’t like this, but say maybe I could agree to that if box 5 showed $0.

Box 5.
The financial institution says that putting a $0 in box 5 implies an active account and they can’t do that because the account did not exist on the reporting date of 12/31/2022. Since the account did not exist, they say they have to leave the box blank.

MY CONCERN centers around reporting to the IRS.

A group of 5498’s in my tax files at IRS which includes some that show no year end amounts removes IRS ability to automatically review my RMD 1099’s against 5498 account balances and see that I have taken an appropriate amount of RMD’s.

I just wondered if you had a take on proper financial institution procedures for a form 5498 box 5 when there was traditional IRA contribution for the tax year of the form, but no actual traditional IRA account in the system on the year end date of the form.

Thanks.