IRS 5498 Forms and Instructions for 2021

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:

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).

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Documents:

9

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This is a formal document used by particular healthcare-related savings account custodians and trustees to furnish information about the contributions made to those accounts.

This is a fiscal document completed by a taxpayer to describe their financial contributions to the qualified education expenses of other people.

This is a fiscal document used by issuers and trustees to report the amount of individual retirement arrangement contributions formalized during the calendar year covered in the paperwork.

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.

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