What is Form 5498?

IRS Form 5498, IRA Contribution Information, is filed for each person for whom you maintained an IRA (individual retirement arrangement). Also included in Form 5498 filing are deemed IRAs, found under section 408(q).

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Who Needs to File Form 5498?

Form 5498 needs to be filed by anyone who maintained an individual retirement account (IRA) for someone to report all investments under one IRA plan. You'll need to file a separate Form 5498 for each established IRA plan for the trustee, however there's no need to file a separate form to report multiple investments under one plan. Bottom line: any and all contributions to any IRA must be reported on Form 5498.

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Form 5498 Deadlines

You must furnish a copy of Form 5498 to both the IRA participant and the IRS May 31 the year following the tax year you managed the account. If applicable, fair market value information and RMD information must be furnished to your participant(s) on Form 5498 by January 31.

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How to File Form 5498?

IRS Form 5498 can be filed one of two ways: manually through paper filing or online through e-filing.

Form 5498 Paper Filing

The traditional way to file Form 5498 is by completing and mailing paper forms to the IRS. You can do this by buying authorized copies of Form 5498 from the IRS or by going to an IRS office to complete the forms.

Form 5498 E-filing

Form 5498 can also be filed electronically when using an online IRS-authorized e-file provider. And if you have more than 250 forms to file as part of your return, the IRS requires you file electronically. But the IRS recommends e-filing anyway because it's faster, easier, and more secure than paper filing. ExpressIRSForms is an IRS-authorized e-file provider that allows you to e-file Form 5498 in a matter of minutes!

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Information Required to File Form 5498

The following information is needed to report Form 5498 to the IRS:

  • Trustee/Issuer's information (name, address, federal ID number)
  • Participant's information (name, address, social security number, account number)
  • Contribution amounts (Rollover, SEP, SIMPLE, Roth IRA, Postponed)
  • RMD date and amount (if applicable)

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IRS Form 5498 Corrections

As soon as you notice an error in a Form 5498 you've filed, you'll need to begin taking steps to correct it. You can do this by paper filing a correction or e-filing with ExpressIRSForms. If the error is with any participant information, you'll need to make a corrected version of Form 5498 for them and mail it to them in addition to the one you filed with the IRS.

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Form 5498 Filing Penalties

Failing to file a complete, correct Form 5498 by the deadline without a reasonable excuse can lead to IRS penalties. You can also receive a penalty if you:

  • Fail to file paper forms that are machine-readable
  • Paper file when you're required to e-file
  • File a form with information missing
  • File incorrect information
  • Report an incorrect federal ID number or social security number

IRS penalties are based upon when you ultimately file a corrected return.

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Form 5498 Features

When you e-file Form 5498 with ExpressIRSForms, you get access to our exclusive features:

  • Multi-form uploads
  • Free W-9 e-signing
  • Secure, cloud-based e-filing
  • Postal and print options for participant forms

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Form 5498 Extensions

If for some reason you believe you won't be able to file your Form 5498 by the deadline, you can apply for an automatic 30-day extension of time to file by submitting Form 8809. Form 8809 can be paper filed or e-filed right from your ExpressIRSForms account in no time!

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