Form 5498 Instructions & Tax Reporting Pointers
The 5498 is used to report total amount of contributions (including rollover contributions) to any individual retirement arrangement (IRA), including a SEP, SIMPLE, and Roth IRA; Roth conversions; IRA recharacterizations; and the fair market value (FMV) of the account (including information on hard-to-value assets).
Applicable businesses: Custodians that maintained any individual retirement arrangement (IRA), including a deemed IRA under section 408(q).
When to file: 5498 forms for FMV/RMD/SIMPLE IRA contributions must be furnished by January 31, and other contributions by May 31, and e-filed with the IRS by May 31 each year.
How to file: Electronically to IR
NOTE: When the due date falls on a weekend or legal holiday, the form due date is moved to the next business day.
Who: Any organization that maintains any individual retirement arrangement (IRA), including a deemed IRA under section 408(q).
When: 5498 forms must be e-filed with the IRS on or before May 31 each year. Participant copies for FMV/RMD/SIMPLE IRA contributions must be furnished by January 31, for all other contributions, May 31 each year.
Where: To the IRS
Why: To report total amount of contributions (including rollover contributions) to any individual retirement arrangement (IRA), including a SEP, SIMPLE, and Roth IRA; Roth conversions; IRA recharacterizations; and the fair market value (FMV) of the account (including information on hard-to-value assets).
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