IRS Forms 5498, 5498-ESA, and 5498-SA are informational forms related to different types of tax-advantaged accounts. Each form serves a specific purpose and reports contributions, rollovers, and other relevant information to the IRS. Here’s a breakdown of each form:
1. IRS Form 5498: IRA Contribution Information
- Purpose: Form 5498 is used to report contributions made to Individual Retirement Accounts (IRAs), including traditional IRAs, Roth IRAs, and simplified employee pensions (SEPs).
- Who Files: The financial institution (trustee or custodian) managing the IRA files Form 5498 with the IRS and provides a copy to the account holder.
- Key Information Reported:
- Contributions made to the IRA for the tax year.
- Rollover contributions.
- Fair market value (FMV) of the account as of December 31.
- Any other relevant information, such as whether the account is a Roth IRA.
- Filing Deadline: Financial institutions must file Form 5498 by May 31 of the year following the tax year. Account holders typically receive a copy of the form by this date.
2. IRS Form 5498-ESA: Coverdell ESA Contribution Information
- Purpose: Form 5498-ESA is used to report contributions to Coverdell Education Savings Accounts (ESAs), which are tax-advantaged accounts designed to help pay for a child’s education.
- Who Files: Similar to Form 5498, the financial institution that manages the ESA files Form 5498-ESA with the IRS and provides a copy to the account holder.
- Key Information Reported:
- Contributions made to the Coverdell ESA for the tax year.
- Rollovers or conversions.
- The FMV of the account as of December 31.
- Designation of the beneficiary.
- Filing Deadline: Financial institutions must file Form 5498-ESA by May 31 of the year following the tax year, and account holders receive a copy by this date.
3. IRS Form 5498-SA: HSA, Archer MSA, and Medicare Advantage MSA Contribution Information
- Purpose: Form 5498-SA is used to report contributions to Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), and Medicare Advantage MSAs.
- Who Files: The financial institution that manages the HSA or MSA files Form 5498-SA with the IRS and provides a copy to the account holder.
- Key Information Reported:
- Contributions made to the HSA or MSA for the tax year.
- Rollovers or conversions.
- The FMV of the account as of December 31.
- Filing Deadline: Form 5498-SA must be filed by May 31 of the year following the tax year, with a copy sent to the account holder.
Summary
- Form 5498: Reports IRA contributions and account balances.
- Form 5498-ESA: Reports contributions to Coverdell ESAs.
- Form 5498-SA: Reports contributions to HSAs and MSAs.
All three forms are filed by the financial institutions managing these accounts and are used to ensure that contributions and account balances are properly reported to the IRS and help account holders with their tax filings. Account holders should retain copies of these forms for their records, as they may need them when preparing their tax returns.
