Opening Your IRA
General Questions
Funding Your IRA
Investing Your IRA
Contributions
Distributions
Roth Conversions
Fees
Tax Forms
Ongoing Account Maintenance
The IRS requires Madison Trust to file form 5498 each year in order to report the fair market value (FMV) of the IRA based on the client-reported last-known-value.
Form 5498 reports any rollovers, contributions, conversions or recharacterizations received in your IRA during the prior tax year.
Further, this form is used to indicate if you are required to take a Required Minimum Distribution (RMD).
No. The IRS does not require you to file Form 5498 with your tax return. The form is for your records only. Madison Trust will file Form 5498 directly with the IRS.
Form 5498 is electronically reported to the IRS by Madison Trust by June 1st of the relevant year.
Form 5498 is mailed to accountholders by May 31st of the relevant year.
IRA accountholders are responsible to file Form 990-T if their IRA investments generate UBIT (Unrelated Business Income Tax) and/or UDFI (Unrelated Debt Financed Income), such as: