Today is the Deadline to File 5498 Forms: Tips for Last-minute Filing

An overview of helpful 5498 information for today's deadline!

efile 5498

5498 Forms are required to be filed with the IRS no later than today, May 31, 2023. This means businesses meeting the filing requirements must file with the IRS and distribute copies of these forms today to avoid potential penalties 

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. 

Here is an overview of what filers need to know to start the filing process.

What Information Is Needed To File 5498 Forms? 

The following information is required to complete tall of the forms in the 5498 Series:

Trustees or Issuers’ Details: 

  • Name, 
  • TIN
  • Address
  • Contact information

Participant’s Details: 

  • Name, 
  • TIN
  • Address
  • Contact information

Information Required on Form 5498

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
  • ROTH IRAs
  • SIMPLE 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

Information required on Form 5498-SA

Form 5498-SA is used to report information related to Health Savings Accounts (HSA), in addition to the basic trustee and participant information, filers must also provide:

  • Contribution Details
  • Fair Market Value (of HSA, Archer MSA, MA MSA)
  • Type of account

Information required to file Form 5498-ESA

Form 5498-ESA is used to report information related to Education Savings Accounts (ESA), mainly the Coverdell Education Savings Account. When completing this form, filers must provide the basic information about the issuer and participant as well as, 

  • Coverdell ESA Contribution Information
  • Rollover Contribution Information

What Are The Different Copies of 5498 Forms? 

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 help issuers and trustees of these accounts file 5498 Series forms with ease!

With bulk filing options and prepaid credits, filing large quantities of forms to the IRS is not only simple, but a speedy process. 

Plus, TaxBandits checks the forms that you file for accuracy, using the IRS Business Rules. This helps identify errors and missing information that can result in rejected forms, allowing you to file with confidence

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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