Form 5498 Delayed Until August

June 2, 2020

For IRAs with reportable contributions for the previous tax year, the Internal Revenue Service requires us to file Form 5498 by May 31. The deadline for 2020, however, has been delayed because of the CARES Act.

The form shows contributions made to the IRA during the tax year. Because the tax year filing date has been extended to July 15, IRA contributions for the previous tax year have been extended, too. The Standard plans to send the form to policyholders in August.

In addition to premiums, contributions to an IRA include direct rollovers, recharacterizations and Roth IRA conversions. If there was a reportable 2019 contribution or a fair market value as of Dec. 31, 2019, the policyowner will receive a 5498 statement.

We send the statements to policyowners for recordkeeping purposes only. Policyowners do not need to include the form when they file their taxes.

Have Questions?

If you have any questions, please contact our Service Specialists at 800.247.6888 or send us a message.

 

More About Producer Advisories
The holiday season is upon us, and to meet your clients’ expectations, mark these important dates. Ensure all distribution and new business requests are submitted by Dec. 11 to guarantee processing by year-end.
Please review this recent compliance alert: Regulation 89, Suitability of Individual Annuity Sales Recommendations.
As the year-end approaches, it’s time to review RMDs for clients aged 73 and older. Ensure they’re informed about their RMD options for 2024 and 2025, direct deposit setups and necessary documentation for any changes.
Please review this recent compliance alert: Rule 20 CSR 400-5.900, Suitability of Individual Annuity Sales Recommendations.
Starting a claims process can be difficult, especially considering the surrounding circumstances. Help your clients prepare to ensure a smooth, easy claims process.
There’s a lot of ground to cover with a new application. We created a handy New Business Checklist to help streamline the process, so you can keep things moving smoothly.