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You have to file the form if you received early distributions or made excess contributions related to retirement accounts or certain tax-advantaged savings accounts.
No. You arent required to do anything with Form 5498 because its for informational purposes only.
The account owner should file Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, with their federal tax return for the year in which the full amount of the RMD was required, but not taken.
The main differences between the forms are in what they report. Form 1099 is used to report distributions and associated tax withholdings, while Form 5498 reports contributions, rollovers, FMVs, and RMDs. Both serve different purposes but are essential for accurate tax reporting.
First, click on My profile on the top right. Select Manage delivery preferences, and check the box for Tax documents. Click the View terms (PDF) button, select email notification, and select the email to send notifications. Your e-documents should be available the next day.
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You will receive Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., which reports your total distribution amount, taxable amount, and any tax withholding taken.
Many of the new rules around RMDs and IRA distribution also apply to trusts named as an IRA beneficiary. The rules around utilizing trusts for IRA beneficiaries are complex, so consider working with an experienced attorney, and have your estate and trust documents reviewed regularly.
You must file form 5329 on your federal tax return for the year that the full RMD was not taken. The IRS can waive part or all of this tax if you can show that any shortfall in the amount of distributions was due to reasonable error and you are taking reasonable steps to remedy the shortfall.

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