What is Form 5498?
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.
If you are a custodian such as bank or other financial institution, you need to file the Form 5498 with the IRS & send the copy to the respective participants who made contributions to an Individual Retirement Arrangement (IRA) in the preceding tax year.
You don't need to file Form 5498, if the participants have an IRA but made no contributions for the year. 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
Deadline to File 2019 Form 5498
Due to COVID-19 Form 5498 filing and furnishing the forms Deadline postponed to August 31, 2020
IRS requires Form 5498 to be reported on or before January 31, 2020, 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, 2020. Contribution information for all other types of IRAs must be provided by June 01, 2020.Start E-Filing Now
Information Required to E-File Form 5498 Online
- Trustees or Issuers’ Details: Name, TIN, Address, and Contact Information
- Participant’s Details: Name, TIN, Address, and Contact Information
Are you ready to file your 5498? Get started with your free TaxBandits account!
How To E-File Form 5498 Online?
- Create a FREE account with TaxBandits
- Select “Form 5498”
- Enter Trustee’s or Issuer’s Details (Name, TIN, Address)
- Enter Participant’s Details (Name, TIN, Address)
- Enter IRA Contribution information
- Review, Pay & Transmit Form 5498 directly to the IRS.
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