File 5498 Online
What is Form 5498?
Form 5498, “IRA Contribution Information,” is an IRS tax document used to provide details about contributions made to Individual Retirement Accounts (IRAs). The document contains all tracks of transactions made to an IRA, including:
- Contributions (traditional, Roth, SEP, SIMPLE IRAs)
- Rollovers
- Roth conversions
- Required minimum distributions (RMDs)
- The fair market value (FMV) of your IRA account at year-end
Purpose of Form 5498
Form 5498 IRA Contribution
It is essential to note that 5498 is all about contributions made to IRAs. That is way different from Form 1099-R, which is used to report distributions from IRAs.
When is Form 5498 Issued & Deadline
- Financial institutions must file Form 5498 with the IRS by May 31st.
- It is important to note that if that date falls on a weekend or holiday, the deadline is then moved to the next business day.
- As an example, in 2025, the deadline is June 2nd.
Form 5498 Instructions to File Through E-File Workforce Payroll
To file the 3921 form electronically, you need to follow this simple 4-step guide:
- Step 1: Make your account on E-File Workforce Payroll and log in.
- Step 2: Locate “Filing” in the left menu and “Start New Filing” from its sub-menu.
- Step 3: Choose your filing year and form. A new form will appear on the screen.
- Step 4: Provide all necessary details and click submit.
There you have it. The process will take not more than five-minutes and you can repeat it for other forms as well.
Have Questions?
Simpler than you think!
Frequently Asked Questions: IRS Form 5498
Use it to verify the contributions made to your IRAs, track the fair market value of your IRA accounts, and confirm rollovers or conversions. You can further use this information for future tax years, especially when calculating RMDs and the taxable portion of IRA distributions.
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