Reminder About Form 5498

May 1, 2019

For each IRA held by The Standard with reportable contributions for tax year 2018, the Internal Revenue Service requires that Form 5498, IRA Contribution Information, be filed by May 31, 2019.

The form records contributions made to the IRA during the tax year. In addition to premiums, contributions to an IRA include direct rollovers, recharacterizations and Roth IRA conversions. If there was a reportable contribution in 2018 or a fair market value as of Dec. 31, 2018, the policyowner will receive a 5498 statement.

If The Standard files a Form 5498 for an IRA policy, we provide a copy to the policyowner for recordkeeping only. The form does not need to be filed with the policyowner's taxes.

While we do our best to ensure that Form 5498 reports are correct, please review your customers' information for accuracy. If you find any errors, contact our Service Specialists at 800.247.6888 or send us a message.

 

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