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When will I receive a copy of Form 5498?

Posted on: December 10, 2019

A copy of Form 5498 will be mailed to you by May 31st of the relevant year.

The IRS requires all IRA custodians to file form 5498 annually to report the fair market value (FMV) of the asset(s) held in your IRA based on the client-reported last-known-value.

Form 5498 indicates any rollovers, contributions, conversions and recharacterizations received in your IRA during the prior tax year.

Further, this form indicates whether the accountholder is required to take a Required Minimum Distribution (RMD).

The IRS does not require you to send a copy of Form 5498 with your tax return. The form is for your records only. Form 5498 is electronically reported to the IRS in June of the relevant year.

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They were fast efficient and did what they said they would. Would recommend.

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Madison Trust is that rare company where customer service is alive and well. No endless phone menus just to be routed to a call center somewhere overseas. Instead, your calls are answered by associates who have great communications skills and who really know their stuff! They are quick to answer any questions you may have and will make sure you are satisfied by the end of your call. It really is a pleasure to do business with this company.

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Madison Trust has been great to work with. They’ve been responsive, helpful and I can actually talk to a real person when I need to. So refreshing these days.

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