Form 5498 — Articles - Ascensus

Home IRA HSA ESA Employer Plan How to Move Designated Roth Account Assets

For over two decades now, plan participants have been allowed to make designated Roth account contributions to 401(k) plans and 403(b) plans. Governmental 457(b) plans and the federal Thrift Savings Plan (TSP) have allowed this option since 2011. Since that time, many participants have been able to build up their designated Roth account balances. As plan participants approach retirement age, they may be unsure about their next steps and turn to you for guidance.

Read More expert, Employer PlanAscensusDecember 18, 2025Roth IRA, Q&A, Qualified Retirement Plan, Retirement Plan, 401(k) Plan, 403(b) Plan, Form 1099-R, Form 5498 Reduce Form 5498 Reporting Errors with this Simple Step

As you’re preparing to send your Form 5498 files to your vendor for printing, you’ve probably caught some reporting errors as you audit the files. But mistakes happen. And those errors that inevitably slip through are likely those that keep you up at night. It’s not fun getting a phone call or visits from upset clients after they received an incorrect Form 5498.

Read More IRAAscensusApril 18, 2024IRA, Business Insights, Reporting, Regulations, Traditional IRA, Roth IRA, Form 5498 IRS Releases Guidance on SECURE 2.0 Provisions

The Internal Revenue Service (IRS) has released Notice 2024-02, which provides guidance in a question and answer format regarding several provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). This article summarizes the guidance contained in Notice 2024-02.

Read More Employer Plan, IRAAscensusFebruary 15, 2024Compliance & Operations, Washington Pulse, IRA, SEP Plan, SIMPLE IRA Plan, Roth IRA, 401(k) Plan, 403(b) Plan, Form 1099-R, Form 5498, Regulations, Business Insights Rollovers vs Postponed/Late Contributions vs Repayments

Here’s a refresher on how to know the reporting differences between rollovers, postponed/late contributions, and repayments.

Read More expert, IRAAscensusFebruary 16, 2023Compliance & Operations, IRA, IRS, Traditional IRA, Roth IRA, Rollover, Distribution, Contribution, Reporting, Q&A, Form 5498, Form 1099-R How to Handle Complex Beneficiary Scenarios Following Recent Changes

Beneficiary options have become more complex in light of recent guidance, including SECURE Act changes, proposed RMD regulations, and Notice 2022-53. This article may help address some questions that your clients may have.

Read More expert, IRAAscensusOctober 20, 2022Compliance & Operations, IRA, Traditional IRA, Roth IRA, Distribution, Required Minimum Distributions, Contribution, SEP Plan, SIMPLE IRA Plan, Q&A, Reporting, Form 5498, Form 1099-R A Refresher on Recharacterizations

IRA owners have until their federal tax return deadline, plus extensions, to recharacterize a 2021 IRA contribution, so you may be fielding many questions about recharacterizations between now and the October 15 deadline.

Read More IRA, expertAscensusSeptember 15, 2022IRA, Compliance & Operations, Traditional IRA, Roth IRA, Distribution, Contribution, Q&A, Reporting, Form 5498, Form 1099-R Answering Your Clients’ Tricky Tax Reporting Questions

As your clients prepare their tax returns, you may find yourself receiving a barrage of tax reporting questions. Hopefully, here are the answers to some of your challenging questions during tax season.

Read More IRA, HSA, expertAscensusMarch 17, 2022Compliance & Operations, IRA, Traditional IRA, Roth IRA, Distribution, Contribution, SEP Plan, SIMPLE IRA Plan, Tax, Q&A, Reporting, HSA, Form 5498, Form 1099-R Know the Risks and Responsibilities Before Offering Hard-to-Value Investments

Offering alternative investment options may be one way to attract and retain IRA clients with large balances. If your organization does offer alternative investments, either directly or through an outplacement relationship, it may face challenges in accommodating your clients’ hard-to-value assets.

Read More IRAAscensusNovember 18, 2021Compliance & Operations, Business Insights, IRA, Fair Market Value, Form 5498 Transfers Are Nonreportable; No Such Thing as Prior-Year Conversion; 12-Month Limit Only for IRA-to-IRA Rollovers

What should your clients do if an IRA-to-IRA transfer they’ve done is reported to the IRS? Are clients allowed to do prior-year conversions? Does an IRA-to-IRA rollover after a conversion of those same assets violate the one-per-12-month rule?

Read More IRA, expertAscensusSeptember 16, 2021Compliance & Operations, IRA, Traditional IRA, Roth IRA, Conversion, Distribution, Form 1099-R, Form 5498, Rollover, Transfer, Q&A RMD Relief and Coronavirus-Related Distributions Are Not Extended to 2021

You and your staff may be fielding questions from clients about whether coronavirus-related distributions are still available in 2021 or whether there’s an RMD waiver for 2021. Those two CARES Act provisions have ended, but some parts of the relief are still applicable.

Read More Employer Plan, IRAAscensusApril 15, 2021Compliance & Operations, IRA, Retirement Plan, Disaster, Distribution, Form 1099-R, Form 5498, Reporting, Rollover IRS Extends IRA, HSA, ESA Contribution Deadline and Form 5498 Filing Deadline

The IRS officially extended the deadline for individuals to file their federal tax returns and make IRA, HSA, and ESA contributions with Notice 2021-21. This notice also gives financial organizations until June 30, 2021, to file and furnish Form 5498 series forms.

Read More IRA, HSA, ESAAscensusApril 15, 2021Compliance & Operations, IRA, HSA, Coverdell ESA, IRS, Guidance & Legislation, Contribution, Form 5498, Reporting, Tax Reporting Contributions on Forms 5498 and 5498-SA

If your financial organization administers IRAs or HSAs, it’s responsible for reporting the contributions made to these accounts to account owners and to the IRS annually by May 31. Find out how to complete this type of reporting on Forms 5498 and 5498-SA.

Read More HSA, IRAAscensusMarch 18, 2021Compliance & Operations, IRA, Traditional IRA, Roth IRA, SIMPLE IRA Plan, SEP Plan, HSA, Contribution, Form 5498, Reporting Self-Certification May Be Option for Clients Who Miss Rollover Deadline

Those who fail to complete a rollover within the required 60-day timeframe may wonder if there’s any relief from the 60-day limitation. In certain circumstances, the IRS does provide some relief—an extension, more or less—in the form of a written self-certification.

Read More Employer Plan, IRAAscensusJanuary 21, 2021Compliance & Operations, IRA, Retirement Plan, IRS, Guidance & Legislation, Form 5498, Rollover Drop in IRA Balances May Mean Rise in Roth IRA Conversions

These days, IRA owners may be noticing a drop in their IRA balances. While discouraging, it might be an opportunity to convert to a Roth IRA. Be sure that you—and your clients—understand how a conversion works.

Read More IRAAscensusJuly 16, 2020Compliance & Operations, IRA, Traditional IRA, Roth IRA, SIMPLE IRA Plan, SEP Plan, Conversion, Distribution, Form 1099-R, Form 5498, Withholding IRS Form 5498 Box-by-Box

The end of May is normally when the previous year’s IRS Form 5498 is due. But for 2019, the deadline has been moved to July 15. Here’s a run-down of what exactly needs to be entered in each box.

Read More Employer Plan, IRAAscensusMay 21, 2020Compliance & Operations, IRA, Traditional IRA, Roth IRA, SIMPLE IRA Plan, SEP Plan, IRS, Contribution, Form 5498, Reporting Recent IRS Notices Extend Many Tax-Related Deadlines

In response to the coronavirus pandemic, the IRS has extended several time-sensitive, tax-related deadlines. IRS Notices 2020-17, 2020-18, and 2020-23 address specific actions that a taxpayer or entity has until July 15, 2020, to complete.

Read More Employer Plan, ESA, HSA, IRAAscensusApril 16, 2020Compliance & Operations, IRA, HSA, Coverdell ESA, Retirement Plan, Qualified Retirement Plan, IRS, Contribution, Distribution, Form 5498, Guidance & Legislation, Loan, Notices, Reporting, Required Minimum Distributions, Rollover IRS Offers First Answers to Post-SECURE Act Reporting Questions

Some provisions of the SECURE Act took effect mere days after enactment—on January 1, 2020—making implementation difficult. Industry groups have requested that the IRS expedite guidance on the most pressing questions. Here’s the guidance that we have so far: some is explicit and some we can glean through draft instructions for required tax reporting.

Read More Employer Plan, IRAAscensusFebruary 20, 2020Compliance & Operations, Business Insights, IRA, Traditional IRA, Retirement Plan, Qualified Retirement Plan, IRS, Distribution, Form 5498, Guidance & Legislation, Required Minimum Distributions, Reporting, Retirement Spotlight Reporting Relief Provided in Light of SECURE Act’s RMD Age Change

In response to the timing of the enactment of the SECURE Act/FCAA , the IRS issued Notice 2020-6, granting IRA trustees, custodians, and issuers some relief when it comes to 2019 Form 5498 reporting for required minimum distributions.

Read More IRAAscensusFebruary 20, 2020Compliance & Operations, IRA, Traditional IRA, Form 5498, Guidance & Legislation, Required Minimum Distributions, Reporting, Rollover Older