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Notice to IRA account holders about Tax Form 5498

Posted on: August 21st, 2019

Clear Mountain Bank mailed 2019 Tax Form 5498 to IRA account holders in August 2020.  Below are answers to some common questions about Form 5498:

Why did I receive Form 5498?  The IRS requires Clear Mountain Bank, as IRA custodian, to report contributions, rollovers, conversions and recharacterizations received in a traditional, Roth, SEP or SIMPLE IRA. Form 5498 also reports the fair market value of your IRA account as of Dec. 31, 2019.

Why am I receiving my 2019 Form 5498 now, after the July 15th tax deadline? As custodian for your retirement account, Clear Mountain Bank is required to provide your 2019 Form 5498 by August 31, 2020. This allows us the time to record any 2019 contributions made to your traditional or Roth IRA.  Because you can contribute to your IRA up until July 15th, we must wait until after July 15th to record the contributions and send Form 5498 to you.

I have received Form 5498 before July 15th in the past. Why is it arriving after July 15th this year? In March 2020, the IRS extended the 2019 federal income tax filing due date from April 15th to July 15th.  This extension required us to wait until after July 15th to record your contributions and provide your Form 5498.

Do I need to attach Form 5498 to my tax return? Form 5498 is for informational purposes only. You are not required to file it with your tax return; however, you may want to provide a copy to your tax preparer.

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