On February 13, 2009, the IRS released the final version of its 2009 Form 5498 information reporting form for IRAs, together with instructions. This form will generally be filed with the IRS and furnished to the IRA owner by June 1, 2010, to report 2009 IRA contributions and other information. The most significant differences between the new Form 5498 and previous versions (including for 2008) are as follows:
- Following up on existing Box 11—inquiring whether a required minimum distribution (RMD) is due for 2010, including if the IRA owner reaches age 70½ in 2010—new Box 12a asks for the “RMD date.” This is generally December 31, 2010, unless 2010 is the first year for which an RMD is due, in which case the RMD date is April 1, 2011.
- Box 12b asks for the “RMD amount” to be distributed. This amount is generally calculated from the December 31, 2009, value of the IRA (unless the IRA is an annuity in pay status) and may permissibly be based on the simplifying assumption that the sole beneficiary of the IRA is not a spouse more than 10 years younger than the IRA owner.
- The Box 12a and 12b information is not required to be reported to the IRS. In accordance with Notice 2002-27 and as reflected in the instructions, by February 1, 2010, the IRA trustee or issuer may either (i) include the RMD date and amount on Form 5498 as provided to both the IRS and the IRA owner, or (ii) report the RMD date and amount on a separate Form 5498 or other statement provided only to the IRA owner, or (iii) report the RMD date in a separate statement provided only to the IRA owner that also offers to calculate the RMD amount on request.
- New Boxes 13a, 13b and 13c and new Boxes 14a and 14b provide for the reporting of postponed contributions and repayment of certain distributions, respectively, in accordance with the special rules for disaster relief and military service in designated combat zones.
- New Boxes 15a and 15b provide for the reporting of special catch-up contributions (in lieu of the regular catch-up contribution for individuals age 50 or older) made in the case of certain employer bankruptcies pursuant to Internal Revenue Code § 219(b)(5)(C).