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.
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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
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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!
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