No. Trustees or issuers of traditional IRAs must furnish Form 5498 to participants each year if there is a contribution (including a rollover) or a distribution. It is merely an information return that goes to you and to the IRS. For example, it shows a contribution to a traditional IRA so you know how much to deduct on your return if eligible to do so. It also shows the value of the account so you can figure required minimum distributions if you need to do this.
Retirement plan set up by a self-employed person, providing tax-deductible contributions, tax-free income accumulations until withdrawal, and favorable averaging for qualifying lump-sum distributions.