What is form 5498 – Individual Retirement Arrangements (IRA) file 5498 for payments made in settlement of a reportable payment transaction.
When You Need to File Form 1099-NEC?
5498 is used to report individual retirement arrangements. Contributions to any IRS must be reported on form 5498.
- Reportable contributions to an IRA
- If you converted from an IRA to a Roth IRA, the total amount must be filed
- If an IRA is revoked or an account is closed, the contributions must be reported
The IRA includes all investments under one plan. Therefore, it is not necessary to file a 5498 for each investment. However, if a participant has established more than one IRA plan with the same trustee, a separate plan must be filed for each plan.
Form 5498 Deadlines 2020
The following are the due dates for each filing type. Forms must be transmitted to the IRS before the deadline.
- Recipient copy: (Only for FMV & RMD) > January 31
- Recipient copy: (Other types of IRAs) > June 1
- E-File Form 5498 with the IRS > June 1
If a due date falls on a weekend or holiday, it will be due the next business day.
How to eFile 5498 for the Year 2020?
Tax1099 is the go-to source for your 1099 filings. You can eFile Form 5498 Online for the year 2020 using Tax1099. Don’t wait for the deadline eFile Now.!