Form 5498 is an IRS information return used by IRA custodians or trustees to report contributions, rollovers, conversions, and the fair market value of Individual Retirement Accounts (IRAs) for the tax year. Understanding the due dates for Form 5498 is crucial for both custodians and IRA owners to ensure compliance and accurate reporting.
What is IRS Form 5498?
IRS Form 5498 is used to report contributions, rollovers, conversions, and the fair market value of your IRA (Individual Retirement Account) for a given tax year. This form is filed by the custodian or trustee of your IRA and sent to you for your records. It contains important information needed to accurately complete your tax return and ensure compliance with IRS regulations. Be sure to retain the form for your records, as it helps track contributions and other transactions within your IRA.
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File your Form 5498 online with TaxZerone — secure, simple, and reliable.
Who should file Form 5498?
Form 5498 must be filed by the IRA custodian or trustee-the financial institution or entity responsible for maintaining an individual retirement account (IRA) for the account holder. This includes custodians of traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs, and deemed IRAs under section 408(q).
Filing Deadline for Form 5498
Understanding the key deadlines for Form 5498 IRA reporting is essential for staying compliant with IRS regulations. For more information, visit our Form 5498 deadline page.
| Form 5498 | Deadlines |
|---|
| Providing copy to the participants | January 31, 2025 |
| Paper filing | June 02, 2025 |
| IRS e-filing | June 02, 2025 |
| Reporting IRA contributions | June 02, 2025 |
Penalties for late filing Form 5498:
Failing to file Form 5498 IRS on time or submitting inaccurate information can lead to penalties from the IRS for incorrect reporting of IRA account details. Here are the potential penalties for non-compliance:
| Scenario | Penalty per return | Penalty for small businesses | Penalty for large businesses |
|---|
| Failure to file on time | $60 | $239,000 | $683,000 |
| Failure to file after 30 days before August 1 | $120 | $683,000 | $2,049,000 |
| IRS e-filing | $310 | $1,366,000 | $4,098,500 |
| Intentional Disregard | $630 | No limit | No limit |
Need more time to file Form 5498?
No problem! You can request a 30-day extension by filing Form 8809, to avoid penalties and stress-free.
How to file 5498 Form with TaxZerone?
File your IRS form 5498 easily in 3 simple steps.
Step 1: Log in to your TaxZerone Free Account
Step 2: Choose “Form 5498” and enter the required details of trustees and participants including IRA contribution made.
Step 3: Review and Transmit to the IRS and send a Participant copy’s through ZeroneVault or postal mail.
