File Form 5498 Online
TaxBandits offers a simple solution to prepare and file Form 5498 to report IRA Contribution Information.
A Comprehensive Solution for Form 5498 Filing
- Distribute Participant Copies by Mail or Online Access
- AI-powered Assistance
- World-Class Customer Support
Powerful Features for Tax Professionals
- Streamlined Client Management
- Effortless Team Management
- Comprehensive Reports
Form 5498: Key Insights
- Form 5498 reports IRA contributions, rollovers, Roth IRA conversions, and required minimum distributions (RMDs) to the IRS.
- The trustee or issuer, which means the bank, credit union, brokerage, or financial institution that holds your Individual Retirement Account (IRA), is responsible for filing Form 5498 with the IRS.
- Form 5498 must be filed electronically by June 02, 2025.
- The deadline to distribute the participants’ copy for Fair Market Value (FMV) and Required Minimum Distribution (RMD) information is January 31, 2025.
- All other IRA details must be distributed by June 02, 2025.
Why Choose TaxBandits to E-file Form 5498?
Check out the outstanding features that make TaxBandits the perfect solution for filing 5498 online.
Exclusive Pro Features for Tax Professionals
Improve your tax filing process and streamline workflows with premium features developed exclusively for tax professionals and high-volume filers.
Team Management
Add unlimited team members, assign them predefined roles, and delegate your 5498 filing responsibilities to enhance efficiency.
Client Management
A branded, secure portal designed to enhance communication, streamline data exchange, and simplify document sharing with your clients.
Custom Reports
Empower your team with powerful insights through detailed reports on team activity and client filings. Use advanced analytics to make well-informed decisions.
Contact our team at (704) 684-4758 to explore custom pricing options for high-volume filing!
Information Required to E-file Form 5498 Online
The following information is required to complete Form 5498 with the IRS:
Trustees or Issuer’s Info:
Name, address, and TIN Information about the trustee or issuer.
Participant’s Info:
Name, address, and TIN Information.
Contribution Details
- IRA Contributions (Traditional IRA)
- Rollover Contributions
- Roth IRA Conversion Amount
- Recharacterized Contributions
- SEP Contributions
- SIMPLE IRA Contributions
- Roth IRA Contributions
Fair Market Value (FMV)
IRA Account Type
Checkboxes for IRA Type (Traditional / SEP / SIMPLE / Roth)
RMD Information:
- RMD Date (if applicable)
- RMD Amount
Click here to learn more about Form 5498 Instruction.
Have all the information ready? Start filing your 5498 forms with TaxBandits today!
How to file Form 5498 Online with TaxBandits?
TaxBandits offers an efficient solution for e-filing IRS Form 5498, a crucial form for reporting contributions to various retirement accounts.
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Step 1: Select Form 5498
Select Form 5498 from the dashboard to file for the 2024 tax year.
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Step 2: Enter Form 5498 Information
Enter the required Form 5498 information manually in the respective fields.
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Step 3: Choose Distribution Options
You can deliver recipient copies via postal mail, online access, or advanced distribution (which supports both).
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Step 4: Review and Transmit to the IRS
Review the 5498 form summary and transmit it to the IRS.
We'll email you updates about the status of your forms. You can also track the status directly from your dashboard.
Ready to E-file Form 5498 with the IRS?
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Frequently Asked Questions About Filing Form 5498 Online
What is Form 5498?
Form 5498 is an IRS form used to report details about individual retirement accounts (IRAs) to the Internal Revenue Service (IRS). This form details IRA contributions, required minimum distributions (RMDs), Roth IRA conversions, rollovers, and the fair market value (FMV) of IRA accounts.
Who must file Form 5498?
Form 5498 is filed by financial institutions, banks, IRA custodians, or trustees that manage any individual retirement accounts (IRAs) for account holders. This includes all types of IRAs, such as traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs, and deemed IRAs under section 408(q).
When is the deadline for filing Form 5498?
- The IRS requires Form 5498 to be filed electronically by June 02, 2025, for the 2024 tax year.
- The deadline for distributing participant copies of FMV and RMD information is January 31, 2025, while the deadline for other IRA details is June 02, 2025.
Learn more about Form 5498 Deadline for the 2024 tax year.
What are the common errors to avoid when filing Form 5498?
Incorrect information on Form 5498 can lead to IRA reporting errors for trustees, issuers, and IRA custodians. Some common errors include:
- Reporting the IRA contribution for the wrong tax year
- Failing to report a contribution as a conversion from a traditional IRA to a Roth IRA
- Filing duplicate 5498 forms
- Missing or incorrect minimum distribution (RMD) information
To prevent these errors, carefully review the information on Form 5498 before filing it with the IRS and providing a correct copy to the participant.
What are Individual Retirement Arrangements (IRAs)?
Individual Retirement Arrangements (IRAs) are tax-favoured personal savings accounts designed for individuals to save money for retirement. There are several types of IRAs, including traditional IRAs and Roth IRAs, each offering different tax benefits. Individuals can open an IRA through a bank, insurance company, or other financial institution that is authorized to act as an IRA custodian or trustee.
Helpful Resources for Form 5498
Form 5498 Instructions
Form 5498 Deadline
