IRS Form 5498, IRA Contribution Information - also known as the IRA contribution information form 5498 - is a form that financial institutions acting as trustees or issuers of individual retirement arrangements (IRAs) file with the Internal Revenue Service (IRS) for each person for whom they maintained an IRA in the calendar year. This form is issued by the IRS and revised on a yearly basis. You can find a fillable Form IRS 5498 for download below.
The purpose of Form 5498 is to report contributions to IRAs, Roth conversions, IRA recharacterizations, and the fair market value (FMV) of the account, to the IRS.
Form 5498 due date is June 1, 2020 filing for the previous year. If this date falls on a weekend day or a legal holiday, the form may be filed on the next business day. It is possible to get an automatic 30-day extension of time to file by completing Form 8809 by June 1, 2020, and this request may be filed on paper only.
The penalty for failing to timely file Form 5498 is $50 per return with no maximum, except if the failure is due to reasonable cause.
You can find detailed Instruction for this form on the IRS site or through this link. If you are filing the 5498 tax statement on paper, you are required to send it along with a Form 1096, Annual Summary and Transmittal of U.S. Information Returns, as the transmittal document. Please be aware that you cannot file a black-and-white photocopy of Form 1096 or Copy A of Form 5498 that you print, because they are scanned during processing. If you must file 250 or more 5498 Forms, you are required to file them electronically. For this purpose, you can use the Filing Information Returns Electronically System (FIRE System).
You must file this form for each person for whom in 2019 you maintained any IRA, but it is not necessary to file a Form 5498 for each investment under one IRA plan. However, if a participant has established two or more IRA plans with you, you must file a separate Form 5498 for each plan.
You also must furnish clear and legible statements to recipients containing the information furnished to the IRS, as well as additional information, if applicable. Copy B of this form must be furnished to the participant by June 1, 2020. However, information on FMV and required minimum distributions (RMD) must be furnished, if applicable, by January 31, 2020. The requirement to take RMD applies to those aged 70.5 and older, as well as to persons who inherited IRAs, and you must inform this by checking Box 11. Copy C of the form is to be kept in the trustee or issuer's records.
If you file Copy A of the form on paper, you are required to file it with the Department of the Treasury Internal Revenue Service Center. Depending on your principal place of business, the address will be any of the following three: Austin, TX 73301; Ogden, UT 84201; or P.O. Box 219256 Kansas City, MO 64121-9256. Alternatively, you may file electronically.
There are three other forms that belong to the same series:
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