Form 5498s Delayed for 2021

June 30, 2021

For IRAs with reportable contributions for the previous tax year, the Internal Revenue Service typically requires us to file Form 5498 by May 31. The deadline for 2021 was once again delayed due to the COVID-19 pandemic.

Because the tax year filing date was extended to May 17, IRA contributions for the previous tax year have been extended, too. The Standard mailed these forms to policyholders on or before June 30, 2021.

Form 5498 shows contributions made to an 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 2020 contribution or a fair market value as of Dec. 31, 2020, the policyowner will receive a 5498 statement.

We send the statements to policyowners for recordkeeping purposes only. Policyowners do not need to include the form when they file their taxes.

Have Questions?

If you have any questions, please contact our Service Specialists at 800.247.6888 or send us a message.

 

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