Have you heard about the latest TaxBandits development?
We now offer IRS Form 5498 as part of our increasing support for filers! Unsure of what IRS Form 5498 is? No problem. As always, we want the best for you and your business so we’ll give you a brief overview of Form 5498 to keep you abreast of what’s trending in the tax industry as it relates to your business.
Take a brief moment to learn more about the new IRS Form 5498 launched to assist taxpayers with IRS plans and meet the upcoming May 31, 2019 deadline.
What is Form 5498?
Form 5498 is an IRA Contribution Information Form issued annually by financial institutions that reports information about Individual Retirement Accounts (IRA) and other tax-preferred savings accounts. Taxpayers can expect to receive IRS Form 5498 if they made contributions to an Individual Retirement Arrangement (IRA) during the preceding tax year.
Note: If you have an IRA but made no contributions for the year, the custodian generally won’t send you a Form 5498 unless you have a required minimum distribution from the account.
When Should I File Form 5498?
Information Needed To E-File Form 5498
- Trustees or Issuers’ Details: Name, TIN, Address, and Contact Information
- Participant’s Details: Name, TIN, Address, and Contact Information
Steps 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.
Simple and not complicated, right?! To learn more about IRS Form 5498, 5498-SA, or 5498-ESA, visit our website.