IRS Reporting Form 5498 “Individual Retirement Information” is used to report IRA contributions and other information. National Life sends 5498 statements to IRA customers during the month of May in accordance with IRS Regulations. Customers should file this statement with their permanent records. (more…)
IRS Reporting Form 5498 “Individual Retirement Information” is used to report IRA contributions and other information. National Life sends 5498 statements to IRA customers during the month of May in accordance with IRS Regulations.
National Life is required to report the following information:
*When advised of a late IRA deposit, National Life is required to report new data for qualifying individuals who serve in designated combat zones. These special IRA customers have an additional period after the normal contribution due date of April 15 to make IRA contributions for a prior year. The period is the time the individual was in the designated zone or area plus at least 180 days. The individual must designate the IRA contribution for a prior year to claim it as a deduction on their income tax return. If you have any customers who could possibly fall into this special reporting class, it is important that National Life be advised when the late contribution is sent in.
If a customer has not made a regular or rollover contribution in that filing year to their IRA, SEP, SIMPLE, or ROTH, they will not receive a hard copy of Form 5498. However, the IRS will be provided with the 12/31 values for all IRA’s.
To assist us in crediting future contributions properly, please encourage customers to clearly indicate on their check or accompanying bill, the year for which the contribution is being made. Unless instructed otherwise, we will assume a contribution is for the year in which it is received.
TC95572
Share the links below with clients and prospects to help them with their year-end planning and look ahead to 2016. These helpful quick reads are all available on our Main Street Blog. (more…)
