Form 1099-R is usually issued in late January, following the year of a distribution. Form 5498 will usually be issued in mid-May since prior-year IRA contributions can be made up until the April tax deadline. You may receive one or both forms, depending on the transactions you've made in your retirement accounts. Merrill, its affiliates and financial advisors do not provide legal, tax or accounting advice. Clients should consult their legal and/or tax advisors before making any financial decisions.