Form 5498, also known as the IRA Contribution Information form, is a very specialized document. The form is filed for each person for whom an individual or business entity has maintained an IRA (individual retirement arrangement). The IRA trustee or issuer is required to file this form with the IRS by May 31. This means that if you are an insurance or financial institution who handles IRA management, you will be very familiar with this form.
To complete Form 5498, you’ll need to report all contributions an individual has made to the account during a given tax year. The IRA holders, or those who have made the contributions, then save Form 5498 for their personal records or use the information to request contribution deductions on their tax returns.
Form 5498 requires a lot of data about the IRA contributor and the account itself, but there is another challenge for business entities who handle this form. Often, if your workplace issues Form 5498, you issue hundreds of them at once because account management and funds holding is central to the entity’s purpose. If you’ve struggled with collecting data, preparing, or filing this form in bulk, you’re in need of a software solution. Advanced Micro Solutions (AMS) has a tool to help.
More About Form 5498
The Form 5498 instructions are slight complicated. Because this form deals with retirement savings and arrangements, there are several specialized instructions for phenomena like transfers, Roth IRA conversions, IRA revocation or account closure, and direct rollovers, transfers, and recharacterizations. Retirement savings can be an extremely complicated topic, so having an accurate and robust set of data prior to form preparation is essential. If you frequently prepare this form, we recommend reviewing the instructions at least once each year to check for changes to specialty cases.
It is important to note that an IRA includes all investments under a single IRA plan. As a result, it is unnecessary to file Form 5498 for each investment under a single plan. If a participant has three certificates of deposit under one IRA, you will only need to complete one version of Form 5498. However, if an individual has established more than one IRA plan with the same institution or trustee, a separate Form 5498 must be filed for each plan.
Form 5498 is Simpler with AMS
Reporting in bulk is central to Form 5498 filing, which means finding a semi-automated but user-friendly software solution is essential for prompt and accurate preparation. The W2/1099 Form Filer, our required platform, is the software for the job. With back-end data storage, intuitive design, and automatic saving options, this software ensures a clean and easy filing process.
W2 - 1099 Forms Filer Pricing
|AMS W2 & 1099 Software|
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We also offer a range of software tools that may also be beneficial for Form 5498 filing. Our full catalogue is listed below.
- W2/1099 Forms Filer (required purchase)—$79
- Payroll Module—$129
- E-File Direct—$149
- Affordable Care Act Filer—$79
- 1042-S Filer—$79
- Software-Generated Forms—$79
- Forms Filer Plus—$49
Don’t let bulk Form 5498 filing dominate your annual tax process. A software solution can save time, money, and a significant amount of stress. Download our free demo to see just how it works.