Today is the Deadline to File Forms 5498 Series and ACA Forms for California State – Don’t Miss It!

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Time is running out to meet today’s deadline (June 2, 2025) for filing Forms 5498, 5498-SA, and 5498-ESA with the IRS, which are essential for reporting contributions to retirement and savings accounts. Likewise, California also has the same extended deadline (June 2) for ACA filing with the California Franchise Tax Board (FTB), providing you with additional time to meet state healthcare reporting requirements. Meeting both deadlines ensures compliance, avoids penalties, and supports accurate reporting.

In this blog, we’ll guide you through everything you need to know to file on time using TaxBandits.

Overview of the 5498 forms

The IRS 5498 forms are used to report contributions made to various types of savings accounts. This includes Individual Retirement Accounts (IRAs), Health Savings Accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), Medicare Advantage MSAs (MA MSAs), and Coverdell Education Savings Accounts (ESAs). These forms are essential for helping you accurately file with the IRS to ensure compliance with tax regulations and for distributing participant copies on time. TaxBandits supports the e-filing of the following 5498 Forms:

• Form 5498 (Individual Retirement Arrangements)
• Form 5498-SA (Health Savings Accounts, Archer MSAs, and MA MSAs)
• Form 5498-ESA (Coverdell Education Savings Accounts)

Who must file these forms?

Each form in the 5498 series is filed by the financial institution or custodian responsible for managing the account, not by the account holder. The table below explains who is responsible for filing 5498 series forms and what type of information each form reports:

Why is it essential to file 5498 forms on time?

Filing these forms on time is more than meeting IRS deadlines; it’s about maintaining trust, accuracy, and compliance. The IRS relies on these reports to verify contributions and ensure taxpayers don’t exceed annual limits for their retirement and savings accounts. Filing Form 5498 late can result in:

• Penalties: The IRS imposes penalties for failing to file Form 5498, 5498-SA, and 5498-ESA on time. The penalty may cost $50 per return with no maximum limit unless there is a valid reason for the failure.
• Processing delays: Late filings can delay the IRS’s processing of your clients’ contributions, which could affect their tax benefits and account records.
• Increased audit risk: Missing deadlines or submitting inaccurate information can increase the likelihood of IRS audits, leading to additional inspections and complications.
• Client trust and reputation: Timely and accurate filings help maintain your professional reputation and build trust with clients by ensuring their tax records are compliant and up-to-date.

Filing Forms 5498, 5498-SA, and 5498-ESA promptly and accurately is crucial to avoiding these consequences and ensuring you and your clients stay confident in your compliance.

California Extended Deadline for ACA Filing

The extended deadline for ACA filing in California for Forms 1095-B and 1095-C is also today, June 2, 2025, with the Franchise Tax Board (FTB). If you’re filing 250 or more forms, electronic filing is required. Missing these deadlines can result in penalties of $50 per form, so it’s crucial to stay on time.

Conclusion

TaxBandits, as an IRS-authorized e-file service provider, helps you file Form 5498, 5498-SA, 5498-ESA, and California’s ACA reporting requirements accurately. Simply create a free TaxBandits account to e-file your forms in minutes and securely transmit them to the IRS.

You can also distribute participant/beneficiary copies via postal mail, a secure online portal, or Advanced Distribution (which includes both postal and online access). TaxBandits guarantees your forms meet all IRS business rules for accurate filing and securely retains records of your submissions for up to 7 years.

Get started today with TaxBandits and simplify your filing process to meet today’s deadline!