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Report each IRA CD? No!

Answered by: 

Question: 
Do we file a 5498 for each IRA CD?
Answer: 

No. An IRA includes all investments under one IRA plan. The CD itself is an investment. If the customer does have separate plans then you would have to file a separate 5498 for each IRA Plan. If you have more than one plan you need an account number. All of this is in the Specific instructions for Form 5498.

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Learn more about Deborah Crawford’s

IRA—Reporting and Compliance webinar.

First published on 12/13/2020

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