The IRS requires financial institutions to file Form 5498, Form 5498-ESA, and Form 5498-SA to report contributions, rollovers, and account information for various tax-advantaged accounts. Each form serves a different purpose depending on whether the account is an IRA, Education Savings Account, or Health Savings Account.
Here’s what you need to know about each form:
1. IRS Form 5498: IRA Contribution Information
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Purpose: Used to report contributions made to Individual Retirement Accounts (IRAs), including traditional IRAs, Roth IRAs, and SEP IRAs.
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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.
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Key Information Reported:
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Contributions made during the tax year.
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Rollovers or recharacterizations.
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The fair market value (FMV) of the account as of December 31.
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Whether the account is a Roth IRA.
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Deadline: Financial institutions must file Form 5498 by May 31 of the year following the tax year. Account holders usually receive a copy by this date.
👉 Related: What is IRS Form 5498?
2. IRS Form 5498-ESA: Coverdell ESA Contribution Information
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Purpose: Reports contributions to Coverdell Education Savings Accounts (ESAs), which help pay for a child’s education.
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Who Files: The institution managing the ESA files Form 5498-ESA with the IRS and provides a copy to the account holder.
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Key Information Reported:
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Contributions made to the ESA.
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Rollovers or transfers.
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The FMV of the account as of December 31.
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Beneficiary designation.
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Deadline: Form 5498-ESA must be filed by May 31 of the following year, with copies sent to account holders.
👉 Related: Information Return Due Dates
3. IRS Form 5498-SA: HSA, Archer MSA, and Medicare Advantage MSA Contribution Information
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Purpose: Reports contributions to Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), and Medicare Advantage MSAs.
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Who Files: The financial institution managing the HSA or MSA files Form 5498-SA with the IRS and provides a copy to the account holder.
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Key Information Reported:
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HSA or MSA contributions for the tax year.
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Rollovers or transfers.
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The FMV of the account as of December 31.
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Deadline: Form 5498-SA must be filed by May 31, with a copy provided to the account holder.
👉 Related: Form 1099-SA: Reporting HSA Distributions
📌 Summary
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Form 5498: Reports IRA contributions and account balances.
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Form 5498-ESA: Reports ESA contributions for education savings.
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Form 5498-SA: Reports HSA, MSA, and Medicare Advantage MSA contributions.
Accurate filing of these forms is essential to comply with IRS reporting requirements. Using IRS-approved 1099 software can simplify the process and reduce errors.