File Form 5498 Online | E - File Form 5498 | How to file 5498 Form 2023

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1-20

21-150

151-500

501-1000

1000+

Pricing Tier

$2.90/form

$2.19/form

$1.25/form

$0.65/form

What is IRS Form 5498?

Payment Settlement Entities (IRA) file Form 5498 for payments made in settlement of a reportable payment transaction.

When would you need to file a Form 5498?

IRS Form 5498 is used to report individual retirement arrangements. Usecase: Contributions to any IRA must be reported on IRS Form 5498.

If you have reportable contributions to any IRA, you must report those on Form 5498.
If you converted from an IRA to a Roth IRA, the total amount converted must be reported on Form 5498.
If an IRA is revoked or an account is closed, the contributions must be reported on Form 5498.
For more, visit www.irs.gov

Form 5498 Deadline for 2023 Tax Year

With Tax1099.com, you can schedule the date that your forms are transmitted to the IRS. Scheduling your forms gives you time between when we email/USPS your forms to vendors and when we send the forms to the IRS. This is useful because your vendors may have edits to make. You can make those changes in Tax1099 before the scheduled date at no extra charge. We automatically schedule your IRS eFile transmission at a week away from when you submit, or by the deadline. You can edit this date to match your preference.

Filing Type	Due Date
Recipient Copy: (Only for FMV & RMD) by	Jan 31, 2024
Recipient Copy:(Other types of IRAs) by	May 31, 2024
IRS eFile	May 31, 2024
IRS Paper Filing	May 31, 2024

5498 eFile Info

Electronically-filed 5498 forms are directly transmitted to the IRS from Tax1099.

You will receive IRS acknowledgement of your eFile by email within 3 - 7 business days.

5498 eFile Service Pricing

# of Forms	1 - 20	21-150	151-500	501-1000	1000+
Pricing Tier	$2.90/form	$2.19/form	$1.25/form	$0.65/form	Contact us!

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FAQs

What is Form 5498?

Form 5498 is a tax form used to report various types of IRA (Individual Retirement Account) contributions, distributions, and rollovers to the IRS (Internal Revenue Service). It provides information about contributions made to traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs.

Who gets Form 5498?

Form 5498 is typically sent to IRA account holders by the financial institutions that manage their IRAs. This includes banks, brokerage firms, and other financial institutions that serve as IRA custodians or trustees. If you have contributed to an IRA during the tax year, you should receive Form Form 5498 from your IRA custodian or trustee.

Who needs to file Form 5498?

Financial institutions that serve as IRA custodians or trustees are required to file Form 5498 with the IRS to report IRA contributions, rollovers, conversions, and fair market values. IRA account holders do not need to file Form 5498with their tax return, but they should keep it for their records.

When is the deadline to file Form 5498?

The deadline for financial institutions to file Form 5498 with the IRS is typically May 31st of the year following the tax year to which the form relates. However, this deadline may be extended to June 30th if the financial institution is filing electronically. IRA account holders should receive Form 5498 by the end of May, but they may receive it later if the financial institution requested an extension to file with the IRS.

Do I need to report the information from Form 5498 on my tax return?

In most cases, you do not need to report the information directly from Form 5498 on your tax return. The form serves as an informational document for both you and the IRS. However, you may need to report certain IRA transactions, such as contributions or distributions, on your tax return depending on your individual circumstances.