Tax & AccountingComplianceJune 01, 2020

IRA, HSA, and CESA Forms 5498 Reporting Deadline: 2019 Reporting Deadline Further Postponed by IRS

On May 28, 2020 the Internal Revenue Service (IRS) issued Notice 2020-35 which further postpones the 2019 Forms 5498 reporting deadline. The IRS indicates in the Notice that the deadline to file IRS Forms 5498, 5498-SA, and 5498-ESA, reporting contribution information to individual retirement accounts (IRAs), Health Savings Accounts (HSAs), and Coverdell Education Savings Accounts (CESAs), respectively, for 2019 is now August 31, 2020.

On April 20, 2020 Wolters Kluwer posted on Insights IRS Extends 2019 Forms 5498 Reporting Deadlines: Other Time Sensitive Act Deadlines Also Extended which explains the initial postponement (until July 15, 2020) for certain “specified time-sensitive actions” with deadlines falling on or after April 1, 2020 and before July 15, 2020. Please refer to that article as it has been updated to reflect the further postponement of the 2019 Forms 5498 reporting deadline.

Please note that at the time this article was posted the IRS had not indicated whether it intends to modify the 2019 reporting instructions to change the date range of regular contributions made for 2019 that are to be reported on the 2019 Forms 5498 (i.e., only those made through April 15, 2020 for 2019 or those also made through July 15, 2020 for 2019). Although there is an assumption that all regular contributions made for 2019 will be reported together if, and when, the IRS indicates how contributions made from April 16, 2020 through July 15, 2020 should be reported this article will be updated.

For an opportunity to learn more about IRAs and other tax-advantaged accounts including Health Savings Accounts and Coverdell Education Savings Accounts, consider our on-demand video training offered on a variety of topics. You can also call us at 1-800-552-9408.

Mike Schiller
Manager, Specialized Consulting, Tax Advantaged Accounts
With more than 22 years of experience, Mike has worked closely with hundreds of financial organizations to help them create, implement, and maintain their tax-advantaged accounts program.