Opening Your IRA
Funding Your IRA
Investing Your IRA
Ongoing Account Maintenance
What is the purpose of Form 1099-R?
When will I receive a Form 1099-R from Madison Trust?
Do I need to file Form 1099-R with the IRS?
What is the purpose of Form 5498?
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).
Do I have to file form 5498 with my taxes?
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.
When does Madison Trust file form 5498 filed with the IRS?
Form 5498 is electronically reported to the IRS by Madison Trust by June 1st of the relevant year.
When will I receive a copy of form 5498?
Form 5498 is mailed to accountholders by May 31st of the relevant year.
What is the purpose of Form 990-T?
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:
Who is responsible to file Form 990-T with the IRS?