ROCK HILL, SC / ACCESSWIRE / June 2, 2021 / The Form 5498 Series is typically due to the IRS by May 31, however this year the IRS has extended the deadline. For tax year 2020, the Forms 5498 must be filed to the IRS and distributed to account participants by June 30, 2021.
The Form 5498 Series must be filed with the IRS by trustees of certain accounts. These trustees are generally banks or financial institutions. This includes IRAs, certain health savings accounts, and Coverdell Education Savings Accounts. In addition to filing these forms with the IRS, trustees of these accounts must distribute recipient copies to the plan participants.
TaxBandits is an IRS authorized e-file provider that simplifies the e-filing process of the following Forms 5498. In addition to IRS e-filing, TaxBandits offers postal mailing and online access options for recipient copies.
Form 5498
The standard Form 5498 is an IRS information return that is used to report information pertaining to Individual Retirement Arrangements, more commonly referred to as IRAs. Trustees must report the activities of the account during the tax year. Most importantly are contributions to the IRA, but information on the Fair Market Value (FMV), Minimum Required Distributions (RMDs), rollovers, conversions, and recharacterizations must also be included.
Form 5498 SA
This 5498 SA Form refers specifically to specific health savings plans. This includes the standard Health Savings Account (HSA), Archer Medical Savings Accounts (MSA), and the Medical Advantage MSA (MA MSA). Trustees of these accounts must report activities such as contributions to the account and rollovers that have occurred during the tax year.
Form 5498 ESA
Form 5498 ESA specifically reports information regarding Coverdell Education Savings Accounts. These accounts are created for the sole purpose of paying the qualified education expenses of the account's beneficiaries. Trustees of these accounts must report the contributions and rollover contributions.
www.TaxBandits.com has all the features needed for simple and successful e-filing. Additionally, tax professionals can take advantage of a user-friendly dashboard that allows them to track each client's form status at a glance.
When asked about the Form 5498 Series, Agie Sundaram, CEO and Co-founder of SPAN Enterprises, the parent company of TaxBandits, replied, "TaxBandits offers a superior option for e-filing the Form 5498 series. We have created tools within the application to simplify filing and improve accuracy." He later added, "Those seeking an e-file solution for 5498 should purchase prepaid credits and take advantage of our volume-based pricing."
To learn more about filing the Form 5498 Series, visit TaxBandits Today!
About SPAN Enterprises
SPAN Enterprises is the parent company of ExpressExtension and a variety of other business management and e-filing applications. Located in the small city of Rock Hill, SC, SPAN enterprises proves that big ideas grow in small towns. With existing Business Management and E-filing Applications such as TruckLogics and TaxBandits and new additions like PayWow and 123PayStubs, SPAN Enterprises is at the forefront of innovative applications. Learn more at http://www.spanenterprises.com.
Please direct all media inquiries to Stephanie Glanville, Content Writer, at [email protected].
SOURCE: TaxBandits