What Are 5498 Forms?
The IRS 5498 forms is a set of four documents issued by the Internal Revenue Service (IRS). They are used for reporting the annual amounts contributed to various savings accounts for the tax year. They are also used for reporting the fair market value of these accounts as of December 31 of the previous year. Here is a list of 5498 forms:
- IRS Form 5498, IRA Contribution Information. This form is used by trustees or issuers for reporting contributions made to an individual retirement arrangement (IRA) for each person for whom they maintained an IRA.
- IRS Form 5498-ESA, Coverdell ESA Contribution Information. Trustees or issuers use this form for reporting contributions made to a Coverdell education savings account (ESA) for each person for whom they maintained any ESA.
- IRS Form 5498-QA, ABLE Account Contribution Information. This form is used by any state or its agency or instrumentality for reporting contributions made to an ABLE account for each qualified ABLE account they maintained.
- IRS Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information. This is a form that trustees or custodians use for reporting contributions made to a Health Savings Account (HSA), Medicare Advantage MSA (MA MSA), or Archer Medical Savings Account (Archer MSA) for each person for whom they maintained one of these accounts.
When Are 5498 Forms Issued?
IRS 5498 form series are issued every year.
Are 5498 Forms Sent to the IRS?
All 5498 forms must be sent to the IRS, either electronically or on paper. Copy A of these forms must be completed and filed with the IRS by June 1, 2020 for taxable income for this year. Also, trustees must furnish a copy to participants (Copy B), as well as keep a copy of the form in their records (Copy C).
File this form if you represent a financial institution acting as a trustee or issuer of an individual retirement arrangement (IRA). The form is filed for each person with the IRAs during the calendar year.
File this form if you are a trustee or custodian of a Health Savings Account (HSA), Medicare Advantage MSA (MA MSA), or Archer Medical Savings Account (Archer MSA). You are required to fill out a separate form for every plan and for every person having one of these savings accounts.
Download this form if you are an issuer of the savings account called Achieving a Better Life Experience (ABLE). This form is used to report the rollover contributions and program-to-program transfers, as well as other types of contributions made to an ABLE account.
This form is filed by the trustees or issuers of a Coverdell education savings account (ESA) for all clients having an ESA. The form allows to report the contributions to a Coverdell ESA, and the account's fair market value (FMV) for every calendar year.