IRS Form 5498 2019 Ira Contribution Information

What Is Form 5498?

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.

What Is the Purpose of Form 5498?

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.

When Is IRS Form 5498 Due?

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.

IRS Form 5498 Instructions

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.

Where to Send IRS Form 5498?

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.

IRS 5498 Related Forms

There are three other forms that belong to the same series:

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Attention:
Copy A of this form is provided for informational purposes only. Copy A appears in red,
similar to the official IRS form. The official printed version of Copy A of this IRS form is
scannable, but the online version of it, printed from this website, is not. Do not print and file
copy A downloaded from this website; a penalty may be imposed for filing with the IRS
information return forms that can’t be scanned. See part O in the current General
Instructions for Certain Information Returns, available at www.irs.gov/form1099, for more
information about penalties.
Please note that Copy B and other copies of this form, which appear in black, may be
downloaded and printed and used to satisfy the requirement to provide the information to
the recipient.
To order official IRS information returns, which include a scannable Copy A for filing with
the IRS and all other applicable copies of the form, visit www.IRS.gov/orderforms. Click on
Employer and Information
Returns, and we’ll mail you the forms you request and their
instructions, as well as any publications you may order.
Information returns may also be filed electronically using the IRS Filing Information Returns
Electronically (FIRE) system (visit www.IRS.gov/FIRE) or the IRS Affordable Care Act
Information Returns (AIR) program (visit www.IRS.gov/AIR).
See IRS Publications 1141, 1167, and 1179 for more information about printing these tax
forms.
Attention:
Copy A of this form is provided for informational purposes only. Copy A appears in red,
similar to the official IRS form. The official printed version of Copy A of this IRS form is
scannable, but the online version of it, printed from this website, is not. Do not print and file
copy A downloaded from this website; a penalty may be imposed for filing with the IRS
information return forms that can’t be scanned. See part O in the current General
Instructions for Certain Information Returns, available at www.irs.gov/form1099, for more
information about penalties.
Please note that Copy B and other copies of this form, which appear in black, may be
downloaded and printed and used to satisfy the requirement to provide the information to
the recipient.
To order official IRS information returns, which include a scannable Copy A for filing with
the IRS and all other applicable copies of the form, visit www.IRS.gov/orderforms. Click on
Employer and Information
Returns, and we’ll mail you the forms you request and their
instructions, as well as any publications you may order.
Information returns may also be filed electronically using the IRS Filing Information Returns
Electronically (FIRE) system (visit www.IRS.gov/FIRE) or the IRS Affordable Care Act
Information Returns (AIR) program (visit www.IRS.gov/AIR).
See IRS Publications 1141, 1167, and 1179 for more information about printing these tax
forms.
VOID
CORRECTED
2828
TRUSTEE’S or ISSUER’S name, street address, city or town, state or
1 IRA contributions (other
OMB No. 1545-0747
province, country, and ZIP or foreign postal code
than amounts in boxes
IRA
2–4, 8–10, 13a, and 14a)
2019
Contribution
$
Information
2 Rollover contributions
$
5498
Form
3 Roth IRA conversion
4 Recharacterized
Copy A
amount
contributions
$
$
For
TRUSTEE’S or ISSUER’S TIN
PARTICIPANT’S TIN
Internal Revenue
5 FMV of account
6 Life insurance cost included in
Service Center
box 1
$
$
File with Form 1096.
PARTICIPANT’S name
7 IRA
SEP
SIMPLE
Roth IRA
8 SEP contributions
9 SIMPLE contributions
For Privacy Act
$
$
and Paperwork
Street address (including apt. no.)
10 Roth IRA contributions
11 Check if RMD for 2020
Reduction Act
$
Notice, see the
12a RMD date
12b RMD amount
2019 General
$
City or town, state or province, country, and ZIP or foreign postal code
Instructions for
13a Postponed/late contrib.
13b Year
13c Code
Certain
$
Information
Returns.
14a Repayments
14b Code
$
Account number (see instructions)
15a FMV of certain specified
15b Code(s)
assets
$
5498
Form
Cat. No. 50010C
www.irs.gov/Form5498
Department of the Treasury - Internal Revenue Service
Do Not Cut or Separate Forms on This Page — Do Not Cut or Separate Forms on This Page
CORRECTED (if checked)
TRUSTEE’S or ISSUER’S name, street address, city or town, state or
1 IRA contributions (other
OMB No. 1545-0747
province, country, and ZIP or foreign postal code
than amounts in boxes
IRA
2–4, 8–10, 13a, and 14a)
2019
Contribution
$
Information
2 Rollover contributions
$
5498
Form
3 Roth IRA conversion
4 Recharacterized
Copy B
amount
contributions
$
$
TRUSTEE’S or ISSUER’S TIN
PARTICIPANT’S TIN
For
5 FMV of account
6 Life insurance cost included in
box 1
Participant
$
$
PARTICIPANT’S name
7 IRA
This information
SEP
SIMPLE
Roth IRA
8 SEP contributions
9 SIMPLE contributions
is being
$
$
furnished to
the IRS.
Street address (including apt. no.)
10 Roth IRA contributions
11 If checked, required minimum
distribution for 2020
$
12a RMD date
12b RMD amount
$
City or town, state or province, country, and ZIP or foreign postal code
13a Postponed/late contrib.
13b Year
13c Code
$
14a Repayments
14b Code
$
Account number (see instructions)
15a FMV of certain specified
15b Code(s)
assets
$
5498
(keep for your records)
www.irs.gov/Form5498
Form
Department of the Treasury - Internal Revenue Service
Instructions for Participant
Box 12a. Shows the date by which the RMD amount in box 12b must be distributed to
avoid the 50% excise tax on the undistributed amount for 2020.
The information on Form 5498 is submitted to the IRS by the trustee or issuer of your
Box 12b. Shows the amount of the RMD for 2020. If box 11 is checked and there is no
individual retirement arrangement (IRA) to report contributions, including any catch-up
amount in this box, the trustee or issuer must provide you the amount or offer to
contributions, required minimum distributions (RMDs), and the fair market value (FMV)
calculate the amount in a separate statement by January 31, 2020.
of the account. For information about IRAs, see Pubs. 590-A, 590-B, and 560.
Box 13a. Shows the amount of a late rollover contribution (more than 60 days after
Participant’s taxpayer identification number (TIN). For your protection, this form
distribution) made in 2019 and certified by the participant, or a postponed contribution
may show only the last four digits of your TIN (SSN, ITIN, ATIN, or EIN). However, the
made in 2019 for a prior year. This amount is not reported in box 1 or 2.
trustee or issuer has reported your complete TIN to the IRS.
Box 13b. Shows the year to which the postponed contribution in box 13a was credited.
Account number. May show an account or other unique number the trustee or issuer
If a late rollover contribution is shown in box 13a, this box will be blank.
assigned to distinguish your account.
Box 13c. For participants who made a postponed contribution due to an extension of the
Box 1. Shows traditional IRA contributions for 2019 you made in 2019 and through
contribution due date because of a federally designated disaster, shows the code FD.
April 15, 2020. These contributions may be deductible on your Form 1040. However, if
you or your spouse was an active participant in an employer’s pension plan, these
For participants who served in designated combat zones, qualified hazardous duty
contributions may not be deductible. This box does not include amounts in boxes 2–4,
areas, or direct support areas, shows the appropriate code. The codes are: EO13239
8–10, 13a, and 14a.
for Afghanistan and associated direct support areas, EO12744 for the Arabian
Peninsula areas, PL115-97 for the Sinai Peninsula of Egypt, and EO13119 (or
Box 2. Shows any rollover, including a direct rollover to a traditional IRA or Roth IRA, or a
PL106-21) for the Yugoslavia operations areas. For additional information, including a
qualified rollover contribution (including a military death gratuity or SGLI payment) to a Roth
list of locations within the designated combat zones, qualified hazardous duty areas,
IRA you made in 2019. It does not show any amounts you converted from your traditional IRA,
and direct support areas, see Pub. 3. For updates to the list of locations, go to
SEP IRA, or SIMPLE IRA to a Roth IRA. They are shown in box 3. It does not show any late
www.irs.gov/Newsroom/Combat-Zones.
rollover contributions. They are shown in box 13a. See the Form 1040 instructions for
information on how to report rollovers. If you have ever made any nondeductible contributions
For a participant who makes a rollover of a qualified plan loan offset, shows the
to your traditional IRA or SEP IRA and you did not roll over the total distribution, use Form 8606
code PO.
to figure the taxable amount. If property was rolled over, see Pub. 590-A. For a qualified
For a participant who has used the self-certification procedure for a late rollover
rollover to a Roth IRA, also see Pub. 590-A.
contribution, shows the code SC.
Box 3. Shows the amount converted from a traditional IRA, SEP IRA, or SIMPLE IRA
Box 14a. Shows the amount of any repayment of a qualified reservist distribution or
to a Roth IRA in 2019. Use Form 8606 to figure the taxable amount.
federally designated disaster withdrawal repayment. See Pub. 590-A for reporting
Box 4. Shows amounts recharacterized from transferring any part of the contribution
repayments.
(plus earnings) from one type of IRA to another. See Pub. 590-A.
Box 14b. Shows the code QR for the repayment of a qualified reservist distribution or
Box 5. Shows the FMV of all investments in your account at year end. However, if a
code DD for repayment of a federally designated disaster distribution.
decedent’s name is shown, the amount reported may be the FMV on the date of
Box 15a. Shows the FMV of the investments in the IRA that are specified in the
death. If the FMV shown is zero for a decedent, the executor or administrator of the
categories identified in box 15b.
estate may request a date-of-death value from the financial institution.
Box 15b. The following codes show the type(s) of investments held in your account for
Box 6. Shows for endowment contracts only the amount allocable to the cost of life
which the FMV is required to be reported in box 15a.
insurance. Subtract this amount from your allowable IRA contribution included in box 1
A—Stock or other ownership interest in a corporation that is not readily tradable on an
to compute your IRA deduction.
established securities market.
Box 7. May show the kind of IRA reported on this Form 5498.
B—Short- or long-term debt obligation that is not traded on an established securities market.
Boxes 8 and 9. Show SEP (box 8) and SIMPLE (box 9) contributions made in 2019,
C—Ownership interest in a limited liability company or similar entity (unless the
including contributions made in 2019 for 2018, but not including contributions made in
interest is traded on an established securities market).
2020 for 2019. If made by your employer, do not deduct on your income tax return. If
D—Real estate.
you made the contributions as a self-employed person (or partner), they may be
deductible. See Pub. 560.
E—Ownership interest in a partnership, trust, or similar entity (unless the interest is
traded on an established securities market).
Box 10. Shows Roth IRA contributions you made in 2019 and through April 15, 2020.
Do not deduct on your income tax return.
F—Option contract or similar product that is not offered for trade on an established
option exchange.
Box 11. If the box is checked, you must take an RMD for 2020. An RMD may be
required even if the box is not checked. If you do not take the RMD for 2020, you are
G—Other asset that does not have a readily available FMV.
subject to a 50% excise tax on the amount not distributed. See Pub. 590-B for details.
H—More than two types of assets (listed in A through G) are held in this IRA.
VOID
CORRECTED
TRUSTEE’S or ISSUER’S name, street address, city or town, state or
1 IRA contributions (other
OMB No. 1545-0747
province, country, and ZIP or foreign postal code
than amounts in boxes
IRA
2–4, 8–10, 13a, and 14a)
2019
Contribution
$
Information
2 Rollover contributions
$
5498
Form
3 Roth IRA conversion
4 Recharacterized
Copy C
amount
contributions
$
$
TRUSTEE’S or ISSUER’S TIN
PARTICIPANT’S TIN
For
5 FMV of account
6 Life insurance cost included in
box 1
Trustee or Issuer
$
$
PARTICIPANT’S name
7 IRA
SEP
SIMPLE
Roth IRA
8 SEP contributions
9 SIMPLE contributions
For Privacy Act
$
$
and Paperwork
Street address (including apt. no.)
10 Roth IRA contributions
11 Check if RMD for 2020
Reduction Act
$
Notice, see the
12a RMD date
12b RMD amount
2019 General
$
City or town, state or province, country, and ZIP or foreign postal code
Instructions for
13a Postponed/late contrib.
13b Year
13c Code
Certain
$
Information
Returns.
14a Repayments
14b Code
$
Account number (see instructions)
15a FMV of certain specified
15b Code(s)
assets
$
5498
www.irs.gov/Form5498
Form
Department of the Treasury - Internal Revenue Service

Download IRS Form 5498 2019 Ira Contribution Information

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