Form 5498 is an IRA Contribution Information Form used to report contributions, rollovers, conversions, recharacterizations, and year-end fair market value for traditional IRA, SEP-IRA, SIMPLE IRA, Roth IRA, and Inherited IRA contracts. An IRA includes all investments under one IRA plan. It is not necessary to file a Form 5498 for each investment under one plan.
You can expect to receive IRS Form 5498 if you made contributions to an Individual Retirement Arrangement (IRA) in the preceding tax year. The "custodian" of your IRA, typically the bank or other financial institution that manages your account, will mail a copy of this form to both you and the IRS.
If you have an IRA but made no contributions for the year, the custodian generally won't send you a Form 5498 unless you have a required minimum distribution from the account. To learn more about Form 5498, visit irs.gov.
Are you ready to report your 5498 Form? Get started with TaxBandits and file in a matter of minutes! Start E-Filing Now
IRS requires Form 5498 to be reported on or before January 31, 2019, when you furnished a statement of the FMV of the account (boxes 15a and 15b) and RMD, if applicable. Trustees of SIMPLE IRAs also must provide a statement of the account activity by January 31, 2019. Contribution information for all other types of IRAs must be provided by May 31, 2019.Start E-Filing Now
Are you ready to file your 5498? Get started with your free TaxBandits account!
While filing your 5498 return with TaxBandits, you also have the option of postal mailing participant copies. Simply select the Postal Mail option and we will take care of the rest!
Excellent Step by Step process and easy to go back and make edits....- Luis Collazo
Very easy navigation going forward and backwards. I usually have trouble online with confusing instructions. Yours is very easy.- Jay Polonsky
Easy and reasonably priced. Great customer service!- Allen Cohen
I’m quite impressed, especially in comparison with other sites from the IRS list I reviewed as well. Well done. Thank you.- Igor Mandryka
Very easy to find my way around, most help features are very good, customer service response has been exceptional for the price point.- Jerry Morris
Work flow makes sense, navigation is easy, customer service is excellent with prompt call backs and thoughtful support.- Michael Morris