The Annual 5498 Mailing

June 1, 2017

For each IRA held by The Standard with reportable contributions for tax year 2016, the Internal Revenue Service requires that Form 5498, IRA Contribution Information, be filed by May 31, 2017.

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 2016 or there was a fair market value as of Dec. 31, 2016, the policyowner will receive a 5498 statement.

If The Standard files a Form 5498 for an IRA policy, a copy is provided 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, please contact our Client Communication Specialists at 800.247.6888 or by emailing us (choose Individual Annuities Service in the topic drop-down list).

 

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Updates From Admin