Client Resources

Account Maintenance

Ongoing Account Maintenance

Here’s what you need to know about maintaining your account at Madison Trust Company:

Establishing an Online Account

While you are not required to set up an online account, it is highly recommended as it will enhance your customer experience. Your online account provides a comprehensive account summary in a safe and secure environment. Your account history displays all incoming cash, outgoing cash, and custodial/transaction fees, in addition to an overview of assets held within the account. As an added benefit, you can also access quarterly account statements online. (Please note that paper statements are only mailed annually, at the close of each calendar year).

Establish Your Online Account

Account Statements

A paper statement will be mailed to you in January of each year. Quarterly statements are generated a month after the close of each calendar quarter (i.e. April, July, October and January), and can be accessed by logging into your online account.

Asset Valuation

We will be reaching out to you in the first week of January each year to request the Fair Market Value (FMV) of your IRA. You can easily provide us with this information by logging on to your online account or by submitting our Asset Valuation form. Madison Trust will update your account information and the valuation will be used to generate a 5498 form later in the year. (More information about Form 5498 can be found below.)

IRS Reporting

FORM 5498
The IRS requires all IRA custodians to file form 5498 annually to report the FMV of 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 you are required to take a Required Minimum Distribution (RMD) once you have reached age 72.

Form 5498 is electronically reported to the IRS by Madison Trust in June of the relevant year and mailed to the account holder by May 31. It is the custodian’s responsibility to file Form 5498 with the IRS. A copy of the form is provided to account holders for information purposes only.

FORM 1099-R:
Form 1099-R is used to inform the IRS that funds or assets left an IRA. Some of the events that trigger a 1099-R are: a distribution, Roth conversion, recharacterization, rollover, etc.

1099-Rs are mailed to clients by January 31 of the calendar year following the reportable event.

Please keep in mind that you may not necessarily receive a 1099-R every year. The form is only generated in years which funds or assets are moved out of your IRA.

Upon receipt of the 1099-R, please provide a copy to your accountant so that it can be filed along with your taxes.

Designating an Account Representative

To designate an Interested Party or Authorized Party on your account, please complete a Representative Authorization form. 

An Interested Party is authorized to access account information but is not authorized to provide directions. 

An Account Representative has full access to your account and is authorized to instruct Madison Trust concerning your account.

You can remove an Interested Party or Account Representative at any point in time by completing the same form.

Adding or changing a Beneficiary

To add Beneficiaries on your account, please complete the Beneficiary Designation form using our online client portal.

To change Beneficiaries on your account, please complete a new Beneficiary Designation form using our online client portal, and have it notarized.

Have further questions? Please feel free to review our comprehensive FAQs section.

For more information about account maintenance.