How to Create Form 5498/5498-SA/5498-ESA

Creating Form 5498

1. Click on the Payer List button.
2. Double click on the payer name.
3. Highlight the recipient to add the form to.
4. Click on the Add Form button.
5. Choose 5498 from the Form Type drop down menu.
6. Fill in the necessary fields on the form.
7. Click Save.

Necessary Form Information

Corrected: Check if this box applies.

IRA contributions: Enter contributions to traditional IRA made for the year.

Rollover contributions: Enter any rollover contributions made to any IRA received during current tax year.

Roth IRA conversion amount: Enter the amount converted from a traditional IRA, SEP, or SIMPLE to a Roth IRA during current tax year.

Recharacterized contribs.: Enter the amount recharacterized from transferring any part of the contribution (plus earnings) from one type of IRS to another.

Fair market value of account: Enter the fair market value of the account.

Life insurance cost incl. in box 1: For endowment contracts only, enter the amount included in box 1 allocable to the cost of life insurance.

Box 7 checkboxes: Check IRA, SEP, SIMPLE, or Roth IRA if they apply.

SEP contributions: Enter employer contributions made to a SEP.

SIMPLE contributions: Enter any SIMPLE contributions during current tax year.

Roth IRA contributions: Enter any contributions made to a Roth IRA.

Check if RMD for YYYY: Check this box if a required minimum distribution (RMD) must be taken, where YYYY is the next year.

RMD date: Enter the date by which the RMD amount in box 12b must be distributed to avoid the 50% excise tax on the undistributed amount for XXXX, where XXXX is the tax year.

RMD amount: Enter the amount of the RMD for XXXX, where XXXX is the current tax year.

Postponed/late contrib.: Enter the amount of any postponed contribution made in YYYY for a prior year, where YYYY is the current tax year.

Year: Enter the year to which the postponed contribution in box 13a was credited.

Code: Enter the reason the participant made a postponed contribution.

• For participants who made a postponed contribution due to an extension of the contribution due date because of a federally designated disaster, enter the code FD.
• For participants who served in designated combat zones and made postponed contributions, enter the code for the combat zone or hazardous duty area in which the participant served.
  • EO13239 = Afghanistan.
  • EO12744 = Arabian Peninsula.
  • EO13119 = Yugoslavia.
  • PL115-97 = Sinai Peninsula of Egypt.
  • PO = Qualified Plan Loan Offset Rollover.
  • Refer to Pub. 3, Armed Forces' Tax Guide, for additional information.
• For participants who have used the self-certified procedure for a late rollover contribution, enter code SC.

Repayments: Enter the amount of any repayment of a qualified reservist distribution or federally designated disaster withdrawal repayment.

Code: Enter code QR for the repayment of a qualified reservist or code DD for repayment of a federally designated disaster distribution.

FMV of certain assets: Shows the FMV of the investments in the IRA that are specified in the categories identified.

Code(s): Enter the code for the type(s) of investment(s) held in the IRA for which the FMV is reported. A maximum of two codes can be entered. If more than two codes apply, enter code H.

• A - Stock or other ownership interest in a corporation that is not readily tradable on an established securities market.
• B - Short or long-term debt obligation that is not traded on an established securities market.
• C - Ownership interest in a limited liability company or similar entity (unless the interest is traded on an established securities market).
• D - Real estate.
• E - Ownership interest in a partnership, trust, or similar entity (unless the interest is traded on an established securities market).
• F - Option contract or similar product that is not offered for trade on an established option exchange.
• G - Other asset that does not have a readily available FMV.
• H - More than two types of assets (listed in A through G) are held in this IRA.

Account Number: A number assigned to recipient by the payer. This field is optional except for the following cases:

• The recipient has multiple returns for the same return type.
• The returns are filed using the E-file Center.

Creating Form 5498-SA

1. Click on the Payer List button.
2. Double click on the payer name.
3. Highlight the recipient to add the form to.
4. Click on the Add Form button.
5. Choose 5498-SA from the Form Type drop down menu.
6. Fill in the necessary fields on the form.
7. Click Save.

Necessary Form Information

Corrected: Check if this box applies.

Employee Archer MSA contributions: Enter the employee's or self-employed person's regular contributions to the Archer MSA.

Total contrib. return year: Enter the total HSA or Archer MSA contributions made in return year.

Total HSA or Archer MSA contrib. year after: Enter the total HSA or Archer MSA contributions made year after.

Rollover contributions: Enter rollover contributions made to the HSA or Archer MSA.

Fair market value of HSA, Archer MSA or MA MSA: Enter the fair market value of the HSA, Archer MSA, or MA MSA.

HSA: Check if Health Savings Account applies.

Archer MSA: Check if Archer Medical Savings Account applies.

MA MSA: Check if Medicare Advantage Medical Savings Account applies.

Text boxes: Additional information for the recipient only.

Account Number: A number assigned to recipient by the payer. This field is optional except when the recipient has multiple returns for the same return type.

Creating Form 5498-ESA

1. Click on the Payer List button.
2. Double click on the payer name.
3. Highlight the recipient to add the form to.
4. Click on the Add Form button.
5. Choose 5498-ESA from the Form Type drop down menu.
6. Fill in the necessary fields on the form.
7. Click Save.

Necessary Form Information

Corrected: Check if this box applies.

Coverdell ESA contributions: Enter contributions to the recipient’s Coverdell Education Savings Account.

Rollover contributions: Enter rollover contributions made to the Coverdell ESA.

Account Number: A number assigned to recipient by the payer. This field is optional except when the recipient has multiple returns for the same return type.