IRS 5498 Forms and Instructions for 2021

What Are 5498 Forms?

The IRS 5498 Forms is a set of four documents issued by the Internal Revenue Service (IRS) . They are used for reporting the annual amounts contributed to various savings accounts for the tax year. They are also used for reporting the fair market value of these accounts as of December 31 of the previous year. Here is a list of 5498 forms:

• IRS Form 5498, IRA Contribution Information. This form is used by trustees or issuers for reporting contributions made to an individual retirement arrangement (IRA) for each person for whom they maintained an IRA.
• IRS Form 5498-ESA, Coverdell ESA Contribution Information. Trustees or issuers use this form for reporting contributions made to a Coverdell education savings account (ESA) for each person for whom they maintained any ESA.
• IRS Form 5498-QA, ABLE Account Contribution Information. This form is used by any state or its agency or instrumentality for reporting contributions made to an ABLE account for each qualified ABLE account they maintained.
• IRS Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information. This is a form that trustees or custodians use for reporting contributions made to a Health Savings Account (HSA), Medicare Advantage MSA (MA MSA), or Archer Medical Savings Account (Archer MSA) for each person for whom they maintained one of these accounts.

When Are 5498 Forms Issued?

IRS 5498 form series are issued every year.

Are 5498 Forms Sent to the IRS?

All 5498 forms must be sent to the IRS, either electronically or on paper. Copy A of these forms must be completed and filed with the IRS by June 1, 2020 for taxable income for this year. Also, trustees must furnish a copy to participants (Copy B), as well as keep a copy of the form in their records (Copy C).