California online Form 5498 2024-2025

California online Form 5498: What You Should Know

You may file Form 5498 for the date you were issued or  paid the contribution. Mar 31, 2025 — The 5498 tax return is due January 31 and must be filed by  January 31. Form 5498: IRA Contribution Notices and Statements The information on Form 5498 is filed to report any contributions that occurred after you receive this form. The Form 5498 is provided to report both contributions made before and after you received this form. There is also a Form 5498A for information about tax-exempt or taxable qualified retirement plans that are treated as retirement plans by an employer on Form W-2 for purposes of applying the 6% rule. For IRA contributions, you must report the amount of compensation received in the manner required by chapter  7 of the Internal Revenue Code. If the plan has no specific procedures to obtain an employee's Social Security number (SSN) before offering a plan or electing a particular participant, the plan must provide for the SSN to be obtained after the plan is offered to the employee. The Form 2106 and Forms 2106R and 2106S must be filed, if required to be filed, within 5 years after you made the contribution if: The plan's terms did not require you to obtain or retain an SSN; If required, Form 2106 and Form 2106R must be filed within 3 years after the plan is offered to the employee if: The plan was offered by another person other than the employer (see  IRS Notice 2008-24) or if after the plan was offered to the employee you  modified the contribution or election; or In the case of a SIMPLE IRA, in accordance with  IRS Notice 2008-24. If you did not obtain an SSN, the plan must provide that the plan will make the necessary contributions for that individual and must provide that the amount of any contribution is the maximum limit allowed by the plan. (See 6% Rule.) For more information, refer to IRS Publication 559. If the plan provides for the SSN to be obtained separately by each participant or beneficiary, the plan must make the necessary contributions for each participant and the amount of any contribution is the maximum limit allowed by the plan. You must file both forms together with the Form 2106 or Form 2106R.

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