Form 5498 Illinois 2024-2025

Form 5498 Illinois: What You Should Know

IRS Forms & Instructions Forms 5498 and 5498-EZ are filed each year, and provide information on contributions, including  Forms 1098-T and Form 2553, Additional Medicare Tax (FICA) on Distributions from Disability Retirement Plans (Drops) Form 1099-TR Form 5498 is submitted through IRS Express. Please note that online filing is only available for the 2025 tax year.  Form 1098-T is also available upon request to the IRS. Please also visit the following pages as it provides information on  Individual retirement arrangements (IRAs) Form 8606 — Form 861 — Form 863 — Form 865 Form 5498 is filed each year, and provide information on contributions, including Forms 1098-T and Forms 2553, Additional Medicare Tax (FICA) on Distributions from Disability Retirement Plans (Drops) Form 1099-TR is also available upon request to the IRS. Please also visit the following pages as it provides information on Form 1559, Notice of Examination with respect to Form 5498 — Form 1095. If you receive  An information collection from the IRS about Form 5498 and its reporting requirements, you  will need to complete and file a Form 1098-T, Return of Tax Withheld by an IRA Owner for Individuals Under 18  To find the appropriate form, please use the appropriate search tool or contact the IRA Service Center listed on the top of this page for instructions. Once you are in  contact with a service center, you can use their online form to get a complete list of forms that can  be filed.  Forms 5498 is filed by trust companies, investment advisors, and their affiliated companies; but does not need to  state an owner or the income to a designated beneficiary, the required information to list an IRA as  a qualifying retirement plan, and the amount of contributions. If you have an IRA, you must include  up to the first 20,000 of contributions in your year of tax filing, and it is taxable only after (if you made more than this) and after you make any further IRA contributions to avoid the exclusion and the penalties outlined on the  Form 5498. You do not need to file Form 5498 if you are receiving an IRA distribution that is in addition to IRA contributions  if the contribution amount is 200 or less.

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