How To E-File Form 5498 Online?
What Information is Required to E-File Form 5498 Online?
- 1. Trustees or Issuers’ Details: Name, TIN, Address, and Contact Information
- 2. Participant’s Details: Name, TIN, Address, and Contact Information
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Frequently Asked Questions
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 a 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.
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When is Form 5498 E-Filing Deadline for 2022 Tax Year?
- Due to the participant (Only for FMV & RMD) by: January 31, 2023
- Due to the participant (Other types of IRAs) by: May 31, 2023
- E-File Form 5498 with the IRS by: May 31, 2023
IRS requires Form 5498 to be reported on or before January 31, 2023. 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, 2023. Contribution information for all other types of IRAs must be provided by May 31, 2023.
How To Avoid Form 5498 Errors?
Incorrect information on Form 5498, IRA Contribution Information, may cause taxpayers to make IRA reporting errors on their tax returns. Common examples of incorrect information includes:
|Reporting the IRA contribution for the wrong year||Issuing duplicate 5498 Forms|
|Failing to report the contribution as a conversion from a traditional IRA to Roth IRA||Missing or incorrect RMD information|
IRA trustees, issuers, and custodians can avoid making these common errors by checking the information on Form 5498 before transmitting it to the IRS and providing a copy to the client.
How To Increase IRA Deductions?
Custodians of an IRA Plan have until June 30 to send Form 5498 to participants and the IRS. This deadline is six weeks after the income tax filing deadline of May 17. This allows you to continue making contributions to your IRA until May 17 and have them be applied to the previous tax year.
Helpful Resources for IRS Form 5498
IRS Form 5498
What is Form 5498? Form 5498 is generally used by Financial institutions or banks (custodians) to report the IRA plans. This must be filed
with the IRS.
Form 5498 Instructions
Get to know the complete line by line instructions to fill out Form 5498 for 2022. In this resource article find out the
5498 Form instructions.