A Guide to Meeting your Form 5498 Deadline

Tips for filing Forms 4398 on-time!

Today is the Form 5498 deadline, is your business required to file? If so, the clock is ticking, and the IRS requires you to file your forms today.  

TaxBandits provides a simple solution for Trustees or Issuers who must file the Form 5498 Series with the IRS as well as a postal mailing option for the distribution of recipient copies. 

The following information is helpful for those required to file Form 5498 as well as anyone who holds one of these accounts and receives a recipient copy from the issuer. 

What are the Different Types of Form 5498?

TaxBandits supports the following Three Forms 5498: 

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 of the account. 

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 Information is Required on Forms 5498?

While the 5498 forms are used to report information about different types of accounts, general information is required to file any of these forms. Some of this information includes: 

Trustees or Issuers’ Details: 

  • Name, 
  • TIN
  • Address
  • Contact information

Participant’s Details: 

  • Name, 
  • TIN
  • Address
  • Contact information

When it comes to the more in-depth information reported on each of these forms, information required includes contributions, rollovers, recharacterizations, distributions, etc. 

E-file Form 5498 with TaxBandits in Minutes!

Now that you have a checklist, it’s time to get started! TaxBandits is here to help. You can easily e-file your Forms 5498 in minutes and transmit your form to the IRS! We even offer a print and mail solution for your recipient copies. 

Create your free account to get started and meet your deadline!

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