The Extended Form 5498 Series Deadline is August 31, 2020

Here is what you will need to know before you get started!

With so many changes to the original IRS deadlines due to COVID-19, trying to keep up with all of them can be overwhelming. That’s why the TaxBandits team is here to help simplify your filing process. When it comes to filing the Form 5498 Series, the IRS has extended the deadline from June 1, 2020 to August 31, 2020. 

This extended deadline was released by the IRS shortly after they extended the deadline to make contributions to IRA Plans. This deadline was also moved forward to August 31, 2020. 

That leaves a little over a week to file the Form 5498 Series with the IRS. If you are required to file this form for your clients, there is no need to panic. TaxBandits offers a simple solution for completing these forms!

Here is what you will need to know before you get started!

What is the Form 5498 Series?

The Form 5498 Series consists of forms that report information on accounts including Individual Retirement Accounts (IRA), Health Savings Accounts (HSA), and certain types of Education Savings Accounts. 

In more specific terms, here is a bit of information on each of the 5498 Forms.

Form 5498

This form reports any contributions or changes to the following types of retirement accounts:

  • IRA
  • SEP-IRA
  • ROTH-IRA
  • Inherited IRA Contributions

These changes can include rollovers and conversions. The year-end market value is also captured on the IRS Tax Form. 

If none of the following changes have occurred regarding the account during the tax year, and the total distribution was made, the Form 5498 doesn’t need to be submitted to the IRS. These changes include: 

  • Rollovers
  • Recharacterizations
  • Changes to the ROTH IRA conversion amount

Form 5498-SA

The Form 5498-SA refers to medical accounts including:

  • Health Savings Account (HSA)
  • Archer Medical Savings Account (MSA)
  • Medical Advantage (MA)

This form should be filed to report rollovers regarding these accounts. 

Form 5498-ESA

This form reports information regarding Coverdell Education Savings Accounts (ESA). If no contributions or rollovers were made to this account during the tax year, it is not necessary to file Form 5498-ESA.

Who Should File?

Just because you are the beneficiary or the owner of one of these accounts does not mean that you must file this series of forms. These forms should be filed by those entrusted with these accounts, these are generally banks and other types of financial institutions. 

What About Recipient Copies? 

The bank or financial institution that is the custodian of these accounts is not only responsible for reporting information regarding these accounts to the IRS, they must also provide this information to the beneficiary/owner of the account. 

If you are enrolled in an IRA, HSA, or ESA, to name a few, and you have made contributions to your account during the past tax year, your financial institution should provide you with one of these forms documenting these contributions as well as the current fair market value of your account. 

Are you looking for a quick and easy way to distribute your recipient copies? TaxBandits offers a postal mailing solution. Once you file your Forms, you can opt into postal mailing. Our software uses USPS Validation to ensure that your copies make it to the correct address. 

Good News, TaxBandits Supports The Form 5498 Series!

Filing with TaxBandits offers simple and secure e-filing for the Form 5498 Series. Believe it or not, users are able to complete this form in just a few minutes. As you are probably filing this form for a large number of clients, be sure to use our bulk upload feature. This allows you to upload large amounts of information in a few simple steps. 

To get started, simply create a free TaxBandits account and follow these steps:

  1. Select the 5498 Series Form you would like to file (Form 5498, Form 5498-SA, or Form 5498-ESA).
  2. Enter your Trustee information including your TIN, legal address, and the name of your institution.
  3. Enter your recipient information (TIN, legal name, address)
  4. Enter the amount in contributions and activities related to your recipient’s account.
  5. Review your form for accuracy.
  6. Pay and Transmit to the IRS. Choose our postal mailing option for recipient copies. 

The process is that straightforward! Check out this video for step-by-step instructions.


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