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Description of irs form 5498

Attention: Copy A of this form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. The official printed version of Copy A of this IRS form is scalable,

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FAQ

What is form 5498?

Form 5498 is a tax form used to report contributions to individual retirement accounts (IRA).
Who is required to file form 5498?

Form 5498 is typically required to be filed by custodians of an individual retirement arrangement (IRA).
How to fill out form 5498?

Form 5498 is a form used to report contributions to and distributions from certain types of retirement accounts, such as IRAs and Roth IRAs. To fill out Form 5498, you will need to provide information about the account holder, including their name, address, and Social Security number. You will also need to provide the type of account, the account number, and the amount of the contributions or distributions. If you are filing Form 5498 for an IRA account, you will also need to provide the type of IRA (traditional or Roth) and the fair market value of the account as of December 31.
What is the purpose of form 5498?

Form 5498 is used by financial institutions to report contributions, distributions, and other related information for individual retirement accounts (IRAs) to the IRS.
What information must be reported on form 5498?

Form 5498 is used to report contributions to and distributions from an individual retirement arrangement (IRA). It must include the taxpayer’s name, Social Security Number, account number, contributions (including rollovers) made to the IRA during the tax year, and any distributions from the IRA during the tax year.
When is the deadline to file form 5498?

The deadline to file form 5498 is May 31 of the year following the tax year.
What is the penalty for the late filing of form 5498?

If you fail to file Form 5498 by the due date, you may be subject to a penalty of up to $50 for each late or incomplete form.