How To Prepare and File Form 5498

Preparing and filing the Form 5498 Series with TaxBandits is simple and secure.

The Form 5498 must be filed with the IRS on or before August 31, 2020. As this date is less than a week away, the pressure is on for financial trustees of the related accounts (IRA, HSA, ESA, etc.) to complete and distribute these forms. 

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 both for the filers of Form 5498 and the recipient of the Form 5498. 

What Information Is Needed To File Form 5498? 

The following information is required to complete the Form 5498:

Trustees or Issuers’ Details: 

  • Name, 
  • TIN
  • Address
  • Contact information

Participant’s Details: 

  • Name, 
  • TIN
  • Address
  • Contact information

The filer will also need to report several different types of Individual Retirement Plans. A Form 5498 should be filed for the following types of IRAs:

  • Traditional IRAs
  • SEP IRAs

The following financial activities and information must be reported on the Form 5498:

  • Rollovers
  • Contributions
  • Fair Market Value of the account
  • Recharacterizations
  • Changes to the Conversion Rate for ROTH IRAs

What Are The Different Copies of Form 5498? 

There are multiple copies of the Form 5498 that must go to different parties. 

  • Copy A- This must be filed with the IRS

  • Copy B- This copy must be distributed to the Participant, which is the individual who owns the account. This is also known as the recipient copy. 
  • Copy C should be kept on record by the Issuer or Trustee of the account. 

The Benefits of Filing with TaxBandits

TaxBandits is here to meet the IRS Tax Filing requirements for organizations large and small. Our software is designed to accommodate the small business owner all the way up to the larger financial institution. With bulk filing options and prepaid credits, filing large quantities of Forms to the IRS is not only simple, but a speedy process. 

With our Multi-Access feature, Form 5498 can be reviewed by any necessary parties before final transmission to the IRS. You may be curious as to whether the Form 1096 is needed when you e-file. This transmittal form will be generated automatically when you efile with TaxBandits. 

Get started today with TaxBandits. You can reach out to our excellent, U.S. based support team for any assistance you may need along the way. They are standing by to help via email, live chat, and by phone. 

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