A Closer Look at the Form 5498 Series and Filing Requirements

An overview of Forms 5498, 5498-SA, and 5498-ESA.

Stephanie Glanville | May 19, 2022 | Read time: 4 minute(s) | Deadline, Form 5498 Series | No Comments

In general, the summer months are a slower time for IRS filing deadlines, however, there is a series of forms with upcoming deadlines at the end of May.

To help you spend more time enjoying the season, and less time spent filing IRS tax forms, we are bringing you a helpful overview of the forms in this series that TaxBandits supports. We will also outline their purpose, what kinds of business entities may need to file them, and their deadlines.

Here’s some information about these forms whether you’re required to file them, or if you receive a recipient copy of one of them.

What Forms are in the 5498 Series?

Form 5498

IRS Form 5498 deals with Individual Retirement Arrangements. The IRS requires that trustees report certain information about the annual activities to these accounts. They must file Form 5498 for each account participant. In this form trustees of these accounts must provide the contributions, rollovers, Fair Market Value (FMV), Minimum Distribution Requirements (MDR), and recharacterizations.

Form 5498-SA

Form 5498-SA deals with different types of medical savings plans. This includes the Health Savings Account (HSA), the Medical Advantage Health Savings Account (MA HSA), and the Archer Medical Savings Account (MSA). The trustees of these accounts must provide information to the IRS regarding contributions and rollovers during the tax year.

Form 5498-ESA

This form deals specifically with the Coverdell Education Savings Account. This is an education savings account that parents or grandparents can set up for their children and grandchildren to help save for their education. This account is available to individuals under a certain income bracket. The trustee of this account must report the contributions and rollover contributions on Form 5498-ESA.

What Types of Entities are Required to File these Forms?

These accounts are created and managed by banks and financial institutions. Therefore, the financial institution is the trustee or custodian of the account. The trustee of the account is responsible for filing the Form 5498 Series with the IRS and distributing recipient copies to the account participants.

Who are the Recipients of the 5498 Series Forms?

The account participant should receive Form 5498 annually reporting contributions information for their accounts. Whether the account they hold is an IRA, a health savings plan, or if they are the designated beneficiary of a Coverdell Education Savings Account, a copy should be provided.

E-file and Distribute Copies with TaxBandits

Looking for a simple solution for e-filing your 5498 Series Forms to the IRS and distributing the participant copes?

TaxBandits supports these forms and provides an easy and accurate e-filing solution, we can even handle the printing and postal mailing of participant copies.

Are you planning to file a high volume of forms? Be sure to purchase prepaid credits for volume-based pricing benefits and faster filing!