5498/FMV Statement

File Form 5498 for each person for whom you maintained any individual retirement arrangement (IRA), including a deemed IRA under section 408(q). In addition to the 5498, a Fair Market Value Statement is required to be issued to the recipient of each retirement account.

Please note: A Form 5498 is generally issued to all active accounts, regardless of any activity during the specific reporting period.

Deadlines

See below for the deadlines relevant to the Form 5498/FMV Statement:

January 31st is the last day to deliver FMV Statements to recipients
May 31st is the last day to deliver Forms 5498 to recipients
May 31st is the last day to submit Form 5498 filings

If a deadline falls on a weekend or holiday, it will be extended to the next business day. A 30-day extension is generally available for both of the deadlines above.

Resources

Please see the Form 5498 – IRS Form & Instructions for official IRS information.

Below are the applicable CSV Ingestion Templates:

IRA Account Owner/Account CSV Template
Transactions CSV Template
5498 Form Data CSV Template – Only required if not sending transactions

A sample form is also attached to the bottom of this article for your reference.

Data Requirements

See below for all of the required data elements for completing Form 5498 and FMV Statement reporting.

Filing Entity

The legal entity responsible for the issuing forms will be the filing entity. The information listed below must be submitted through the Taxbit Dashboard.

For more information on Filer setup, please refer to this guide: Filer Setup

Field Name	Required
Name	Required
Address	Required
Tax Residency	Required
US TIN	Required
Contact Phone Number	Required

Please note: If there are multiple filers, please ensure that you are using the correct filer ID for the associated account(s).

Account Owner / Account

For ingestion purposes, the only data point required to create/update an Account Owner is the Account ID. This allows you to add all of your users to the Dashboard, even while you may still be collecting additional information. There will be reports available in the Dashboard to let you know if something is missing for an Account that is eligible for a tax form.

For more information on formatting the Account Owner/Account CSV templates, please refer to this guide: Standard Account Owner/Account - CSV Ingestion Template Guide

The following table, however, summarizes the required fields needed to complete the Form 5498.

Field Name	Required
Account Owner ID	Only required if you have Account Owners with multiple Accounts
Account ID	Required
Name	Required
Joint Account Name	If Applicable
Address	Required
Tax Residency	Presumed US if unavailable
TIN	Required
Date of Birth	Required in order to perform RMD calculation If not provided, the system will assume RMD is not required
Account Establishment Date	If Available
Filer ID	Only required if you have multiple Filers

Note that there are other fields on the Account Owner / Account model that are not listed here, as they are not required for 5498/FMV Statement reporting.

In addition to the above, after the end of the year, the fair market value of the Account will also need to be provided.

Field Name	Required
Account ID	Required
End of year fair market value of the Account	Required

Transactions or Form Data

For account activity, we can either collect raw transaction data, in which case Taxbit will complete the aggregations and determine the ultimate data to report on the Form 5498. If you are doing the aggregations already, then we also offer the option of sending us Form Data, which would include the final amounts that go on the form.

Transactions

For transactions, only the Contribution transaction type is relevant. These transactions will require some additional information, such as the transaction subtype indicating the type of contribution (e.g., Standard, Rollover, etc.).

Field Name	Contribution
Account ID	Required
Transaction ID	Required
Date and Time	Required
Transaction Type & Subtype	Required: Contribution See here for all available transaction subtypes.
Received Asset Quantity, Currency, and Rate/USD Value	Required
Sent Asset Quantity, Currency, and Rate/USD Value	Not Applicable
Fee Asset Quantity, Currency, and Rate/USD Value	If Applicable
Contribution Year	If Applicable
Postponed Contribution Reason	If Applicable

Form Data

To the extent transactions are not being provided, and Taxbit is not handling aggregations, the following data points must be provided for Form Data ingestion.

Note that there should typically be a single row for each Account in the template; however, if the income applies to multiple postponed contribution reason codes, there may be a separate row for each contribution reason.

Field Name	Traditional	Roth	SEP	Simple
Account ID	Required	Required	Required	Required
IRA contributions (other than amounts in boxes 2 - 4, 8 - 10, 13a, and 14a) (Box 1)	If Applicable	Not Applicable	If Applicable	If Applicable
Rollover contributions (Box 2)	If Applicable	If Applicable	If Applicable	If Applicable
Roth IRA conversion amount (Box 3)	Not Applicable	If Applicable	Not Applicable	Not Applicable
Recharacterized contributions (Box 4)	If Applicable	If Applicable	If Applicable	If Applicable
SEP contributions (Box 8)	Not Applicable	Not Applicable	If Applicable	Not Applicable
SIMPLE contributions (Box 9)	Not Applicable	Not Applicable	Not Applicable	If Applicable
Roth IRA contributions (Box 10)	Not Applicable	If Applicable	Not Applicable	Not Applicable
Postponed/late contrib. (Box 13a)	If Applicable
Year (Box 13b)	If Applicable
Code (Box 13c)	If Applicable
Repayments (Box 14a)	If Applicable
Code (Box 14b)	If Applicable
FMV of certain specified assets (Box 15a)	If Applicable
Code(s) (Box 15b)	If Applicable
Life insurance cost included in box 1 (Box 6)	Not Supported

SAMPLE-123_FMVStatement_0.pdf

SAMPLE-123_5498_2024_0.pdf

2026_5498_Submission_Review_SAMPLE.zip

5498/FMV Statement - Overview