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.

 

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