E-file Form 5498 Online
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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 Form 5498 filing includes deemed IRAs, found under section 408(q). An IRA includes all investments under one IRA plan.
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.
any and all contributions to any IRA must be reported on Form 5498. You need to file the Form 5498 with the IRS & send the copy to the respective participants who made contributions to an IRA in the preceding tax
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, the Fair Market Value (FMV) information and Required Minimum Derivation (RMD) information must be furnished to your participant(s) on Form 5498 by January 31.
How to File Form 5498?
The IRS requires that all trustees file Form 5498 online through an approved e-file provider. You can e-file IRS Form 5498, IRA Contribution Information, online to the IRS with ExpressIRSForms.
ExpressIRSForms is an IRS-authorized e-file provider that allows you to e-file Form 5498 in a matter of minutes!
To e-file IRS Form 5498, simply:
- Create an account with ExpressIRSForms
- Choose "Form 5498"
- Enter Trustee's or Issuer's Details
- Enter Participant's Details
- Enter IRA Contribution Information
- Review, Pay, & Transmit the Form 5498 directly to the IRS.
ExpressIRSForms is an IRS-authorized e-file provider that allows you to e-file Form 5498 in a matter of minutes!
Information Required to File Form 5498
The following information is needed to report Form 5498 to the IRS:
- Trustee/Issuer's Information (Name, TIN, Address, and Contact Information)
- Participant's Information (Name, TIN, Address, and Contact Information)
- Contribution Amounts (Rollover, SEP, SIMPLE, Roth IRA, & Postponed)
With these filing informations, the Form 5498 boxes must be filled.
Visit https://www.taxbandits.com/form-5498-series/form-5498-instructions/ to know more.
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 forms
- 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.
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 e-filed right from your ExpressIRSForms account in no time!
Other Forms in 5498 Series
In the 5498 series, there are other 2 forms such as:
- Form 5498 SA:This Form is used to report the contribution made towards the Health Savings plans such as HSA, MSA ad MA MSA. The due date for filing and furnishing Form 5498 SA is June 30, 2021
- Form 5498 ESA: The contributions made towards the Coverdell Education Savings are reported in the tax Form 5498 ESA. June 30, 2021 is the deadline to e-file and furnish the beneficiary copies.
