What You Should Know About The Form 5498 Series

The deadline to file these forms with the IRS and distribute them to the recipients is August 31, 2020.

Many of the IRS Tax Forms have had their deadlines extended by the IRS. However, there are a few that have not been affected and remain due to the IRS on their original date. A few of these unaffected forms include the 5498 Series. 

Don’t worry, the TaxBandits team is here to help you understand these forms and even to help you file them. Whether you are required to file these forms or are a recipient of these forms, you’ll leave this article with a better understanding. So, let’s get right into it. 

Which Forms Make Up The Form 5498 Series? 

The Form 5498 Series consists of a few forms that must be completed and filed by institutions rather than individuals. Let’s review the forms that are available for e-filing with TaxBandits. 

The Form 5498

This is the most common variety of the Form 5498. This form is related to IRA contributions. These accounts include traditional IRAs, Simple IRAs, SEP IRSs, and Roth IRAs.

It must be completed and distributed by banks or financial institutions that are the trustees of these accounts. Any changes including contributions, rollovers, and conversions must be reported on this form. 

The end-of-year fair market value must be reported here as well. It is important to know that this form reports all of the changes that occurred with one specific IRA plan, banks don’t have to file a different form for each transaction within the same plan. 

This form matters to two groups of people. Those that are responsible for filing IRS tax forms the trustee and those that have an IRA fund. Banks and financial institutions must file the Form 5498 with the IRS and provide a recipient copy to IRA holders. In turn IRA holders will need this copy for their records. 

The Form 5498-SA

This variety of the Form 5498 refers to Health Savings Accounts. This form also applies to the Archer Medical Savings Accounts (MSA) or Medical Advantage plan (MA). Financial Institutions must file this form to report any contributions to these plans to the IRS.

It is important to note that when it comes to the Form 5498-SA, this form only needs to be filed with the IRS and distributed to recipients if contributions were made to the account. 

The Form 5498-ESA

The Form 5498-ESA refers specifically to the Coverdell Education Savings Accounts (ESA). Any contributions made to these accounts must be both reported to the IRS and distributed to the holders of these accounts.

Much like the Form 5498-SA, this form is only required to be filed to the IRS and distributed to recipients if contributions were made to the account during the tax year. 

When Is The Deadline For the Series 5498 Forms?

*A recent update: Please note that the IRS extended this IRS deadline from June 1, 2020 until August 31, 2020.

When reporting information regarding Fair Market Value (FMV) and Required Minimum Distributions, this must be furnished by January 31, 2020. 

As for the 5498-ESA, this form should have been distributed to recipients on April 30, 2020.

While the deadline to make IRA contributions has been extended, don’t let this mislead you. The Form 5498, which reports these contributions, is still due to the IRS on the original deadline. 

How To File Form 5498 with TaxBandits

This is an easy process with only a few steps! Our software is both user friendly and highly secure. Simply create your free account with TaxBandits to get started. Already have an account? Great! Just log in

  1. Select the Form 5498, Form 5498-SA, or Form 5498-ESA.
  2. As you are the trustee of this account, you will need to enter the TIN, address, and name of your institution.
  3. Enter the recipient’s information including their TIN, address, and name.
  4. Enter the contributions information for the account that you are filing for. 
  5. Review your form and transmit it to the IRS. 

You’re probably filing for multiple IRS Accounts, be sure to take advantage of our bulk filing feature. See? Getting started is easy!

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