A client received a 5498 and says the bank told him it must be reported but my understanding is that this is strictly information. They did not receive a 1099-R. They are 60 years old, spouse is 63. Does this need to be reported somewhere?

From 5498:
2. Rollover contributions: $41,787.86
5. FMV of account: $42,284.58
7. IRA is check off

None of the other boxes are filled out.