E-file Form 5498 Online
Easily prepare and file Form 5498 with TaxBandits to report IRA contribution information.
A Comprehensive Solution for Form 5498 Filing
- Distribute Recipient Copies by Mail or Online Access
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Form 5498: Key Insights
- Form 5498, IRA Contribution Information, reports contributions to Individual Retirement Accounts (IRAs).
- Form 5498 is filed by financial institutions or trustees that manage Individual Retirement Accounts (IRAs). This includes banks, credit unions, brokerage firms, mutual fund companies, and other IRA custodians or trustees.
- Form 5498 must be e-filed with the IRS by June 02, 2025. The deadline to distribute the participants’ copy for the information reported about Fair Market Value (FMV) and Required Minimum Distribution (RMD) is January 31, 2025. Likewise, the deadline to distribute the participants’ copy for the information reported about all other types of IRAs is June 02, 2025.
Why Choose TaxBandits to E-file Form 5498?
Explore the features that make TaxBandits the ideal choice for filing 5498 forms online.
Exclusive Pro Features for Tax Professionals
Improve your tax filing process and streamline workflows with premium features developed explicitly for tax professionals.
Team Management
We have improved the team management feature, allowing you to invite unlimited team members, assign predefined roles, and delegate 5498 filings for specific clients.
Client Management
Securely exchange documents and communicate with clients through the customized portal that reflects your brand identity, enhancing client interaction and building stronger professional relationships.
Custom Reports
Stay informed with comprehensive reports offering insights into team and client activities. Use these analytics to make data-driven decisions that enhance efficiency and overall performance.
Contact our team at (704) 684-4758 to explore custom pricing options for high-volume filing!
Information Required to E-file Form 5498 Online
The following information is required to complete Form 5498 with the IRS:
Trustees or Issuers’ Details:
Name, TIN, and Address Information
Participant’s Details:
Name, TIN and Address Information
Contribution Details
- IRA Contributions
- SEP Contributions
- SIMPLE Contributions
- Roth IRA Contributions
Rollover and Transfer Activity
- Rollover Contributions
- Recharacterized Contributions
- Roth IRA Conversion Amount,
Account Value and Required Minimum Distribution (RMD)
- Fair Market Value (FMV) of the Account
- RMD Date
- RMD Amount
Account Type Indicator
Type of IRA Account Reported (Checkbox for Traditional IRA, SEP, SIMPLE, Roth IRA)
Have all the information ready? Start filing your 5498 forms with TaxBandits today!
How do you E-file Form 5498 with Taxbandits
TaxBandits offers an efficient solution for the electronic filing of IRS Form 5498, which is crucial for reporting contributions to various retirement accounts.
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Step 1: Select Form 5498
Select Form 5498 from the dashboard to file for the 2024 tax year.
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Step 2: Enter Form 5498 Information
Enter the required Form 5498 information manually in the respective fields.
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Step 3: Choose Distribution Options
You can deliver recipient copies via postal mail, online access, or advanced distribution (which supports both).
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Step 4: Review and Transmit to the IRS
Review the 5498 form summary and transmit it to the IRS.
We'll email you updates about the status of your forms. You can also track the status directly from your dashboard.
Ready to E-file Form 5498 with the IRS?
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Frequently Asked Questions About Filing Form 5498 Online
What is Form 5498?
Form 5498 is an IRA Contribution Information Form used to report contributions, rollovers, conversions, recharacterizations, and year-end fair market value for traditional IRA, SEP (simplified employee pension) IRA, SIMPLE (savings incentive match plan for employees) IRA, Roth IRA, and Inherited IRA contracts. An IRA includes all investments under one IRA plan. Filing a Form 5498 for each investment under one plan is unnecessary.
Suppose you are a custodian, such as a bank or other financial institution. In that case, you need to file Form 5498 with the IRS and send a copy to the respective participants who contributed to an Individual Retirement Arrangement (IRA) in the preceding tax year.
If the participants have an IRA but made no contributions for the year, you don't need to file Form 5498. To learn more about Form 5498, visit irs.gov.
Are you ready to report your 5498 Form? Get started with TaxBandits and file in a matter of minutes!
Start E-Filing Now
When is Form 5498 E-Filing Deadline for 2024 Tax Year?
- Due to the participant (Only for FMV & RMD) by: January 31, 2025.
- Due to the participant (Other types of IRAs) by: June 02, 2025.
- E-File Form 5498 with the IRS by: June 02, 2025.
How To Avoid Form 5498 Errors?
Incorrect information on Form 5498, IRA Contribution Information, may cause taxpayers to make IRA reporting errors on their tax returns. Common examples of incorrect information includes:
| Reporting the IRA contribution for the wrong year | Issuing duplicate 5498 Forms |
|---|---|
|
Failing to report the contribution as a conversion from a traditional IRA to Roth IRA |
Missing or incorrect RMD information |
IRA trustees, issuers, and custodians can avoid making these common errors by checking the information on Form 5498 before transmitting it to the IRS and providing a copy to the client.
How To Increase IRA Deductions?
Custodians of an IRA Plan have until June 30 to send Form 5498 to participants and the IRS. This deadline is six weeks after the income tax filing deadline of May 17. This allows you to continue making contributions to your IRA until May 17 and have them be applied to the previous tax year.
Helpful Resources for -IRS Form 5498
IRS Form 5498
Form 5498 Instructions for 2024
Form 5498 Deadline
