See below for all of the required data elements for completing Form 5498 and FMV Statement reporting.
Filing Entity
The legal entity responsible for the issuing forms will be the filing entity. The information listed below must be submitted through the Taxbit Dashboard.
For more information on Filer setup, please refer to this guide: Filer Setup
| Field Name | Required |
| Name | Required |
| Address | Required |
| Tax Residency | Required |
| US TIN | Required |
| Contact Phone Number | Required |
Please note: If there are multiple filers, please ensure that you are using the correct filer ID for the associated account(s).
Account Owner / Account
For ingestion purposes, the only data point required to create/update an Account Owner is the Account ID. This allows you to add all of your users to the Dashboard, even while you may still be collecting additional information. There will be reports available in the Dashboard to let you know if something is missing for an Account that is eligible for a tax form.
The following table, however, summarizes the required fields needed to complete the Form 5498.
For more information on formatting the Account Owner/Account CSV templates, please refer to this guide: IRA - Account Owner/Account CSV Ingestion Template Guide
| Field Name | Required |
| Account Owner ID | Only required if you have Account Owners with multiple Accounts |
| Account ID | Required |
| Name | Required |
| Joint Account Name | If Applicable |
| Address | Required |
| Tax Residency | Presumed US if unavailable |
| TIN | Required |
| Date of Birth |
Required in order to perform RMD calculation If not provided, the system will assume RMD is not required |
| Account Establishment Date | If Available |
| Filer ID | Only required if you have multiple Filers |
Please note: There are other fields on the Account Owner / Account model that are not listed here, as they are not required for 5498/FMV Statement reporting.
In addition to the above, after the end of the year, the fair market value of the Account will also need to be provided.
| Field Name | Required |
| Account ID | Required |
| End of year fair market value of the Account | Required |
Transactions or Form Data
For account activity, we can either collect raw transaction data, in which case Taxbit will complete the aggregations and determine the ultimate data to report on the Form 5498. If you are doing the aggregations already, then we also offer the option of sending us Form Data, which would include the final amounts that go on the form.
Transactions
For transactions, only the Contribution transaction type is relevant. These transactions will require some additional information, such as the transaction subtype indicating the type of contribution (e.g., Standard, Rollover, etc.). See here for all available transaction types on the Taxbit platform and below for the required fields.
For more information on formatting the Transactions template, please refer to this guide: IRA - Transactions Template Formatting Guide
| Field Name | Contribution |
| Account ID | Required |
| Transaction ID | Required |
| Date and Time | Required |
| Transaction Type & Subtype |
Required: Contribution See here for all available transaction subtypes |
| Received Asset Quantity, Currency, and Rate/USD Value | Required |
| Sent Asset Quantity, Currency, and Rate/USD Value | Not Applicable |
| Fee Asset Quantity, Currency, and Rate/USD Value | If Applicable |
| Contribution Year | If Applicable |
| Postponed Contribution Reason | If Applicable |
Form Data
To the extent transactions are not being provided, and Taxbit is not handling aggregations, the following data points must be provided for Form Data ingestion.
Note that there should typically be a single row for each Account in the template; however, if the income applies to multiple postponed contribution reason codes, there may be a separate row for each contribution reason.
For more information on formatting the 5498 Form Data CSV template, please refer to this guide:
5498 - Form Data CSV Ingestion Template Guide
| Field Name | Traditional | Roth | SEP | Simple |
| Account ID | Required | Required | Required | Required |
| IRA contributions (other than amounts in boxes 2 - 4, 8 - 10, 13a, and 14a) (Box 1) | If Applicable | Not Applicable | If Applicable | If Applicable |
| Rollover contributions (Box 2) | If Applicable | If Applicable | If Applicable | If Applicable |
| Roth IRA conversion amount (Box 3) | Not Applicable | If Applicable | Not Applicable | Not Applicable |
| Recharacterized contributions (Box 4) | If Applicable | If Applicable | If Applicable | If Applicable |
| SEP contributions (Box 8) | Not Applicable | Not Applicable | If Applicable | Not Applicable |
| SIMPLE contributions (Box 9) | Not Applicable | Not Applicable | Not Applicable | If Applicable |
| Roth IRA contributions (Box 10) | Not Applicable | If Applicable | Not Applicable | Not Applicable |
| Postponed/late contrib. (Box 13a) | If Applicable | |||
| Year (Box 13b) | If Applicable | |||
| Code (Box 13c) | If Applicable | |||
| Repayments (Box 14a) | If Applicable | |||
| Code (Box 14b) | If Applicable | |||
| FMV of certain specified assets (Box 15a) | If Applicable | |||
| Code(s) (Box 15b) | If Applicable | |||
| Life insurance cost included in box 1 (Box 6) | Not Supported | |||