Summary of Changes for 2009 Form 5498

Implementation Plan: Open Actions for Product 5498
Run by: SD_GH1LB

Run date:

12-JAN-09

Reviewer: SALOW, MARGARET
Action
Act
IRC
Number Section Section

Description of Action

Date
Type

Effective
Date

Target
Due Date

17-AUG-2006

13-NOV-2009

P.L. 109-280, Pension Protection Act of 2006
65.00151

831

Revise product to remove reference to the
additional catch-up contributions that were
allowed by a participant if the employer filed
chapter 11 bankruptcy in the preceeding year.

TYBA

Description of Major Changes to the 2009 Form 5498
•

The form has been revised from a three to a page format to a larger two to
a page format to accommodate items previously reported in the blank box
next to box 10. This will allow proper capture of the information. New
boxes 12 through 15 will reflect information as follows on the Instructions
for Participant page.
o Box 12: Reporting of the due date (mm/yyyy) in box 12a and the
amount in box 12b of required minimum distributions (RMD) when
Alternative one is the method chosen for reporting under Notice
2002-27, as clarified by Notice 2003-3.
o Box 13: Postponed contributions made by a qualifying combat zone
participant after April 15 and designated for a year prior to the
current reporting year. Amounts are reported in box 13a, the year
for which the contribution is made in box 13b, and the qualifying
code in box 13c.
o Box 14: Repayments of qualified reservist distributions and
designated disaster distributions. Amounts of repayments are to be
reported in box 14a and the appropriate code is to be reported in
box 14b.
o Box 15: Reporting catch-up contributions made in the case of
certain employer bankruptcies in lieu of the higher contribution limit
for individuals age 50 or older. Box 15a is for reporting the amount
of the contribution and box 15b is for reporting the code.

•

The Box 2 instructions on the Instructions for Participant page have been
changed to include as rollover contributions the following:
o Military death gratuities and servicemembers’ group life insurance
(SGLI) payments to a Roth IRA. PL 110-245, sec. 109
o Qualified settlement income received in connection with the Exxon
Valdez litigation to a traditional or Roth IRA. PL 110-343, Div C,
sec 504
o Airline payment amounts received by qualified airline employees to
a Roth IRA. PL 110-458, sec 125

•

All years and dates have been updated as appropriate.

•

The hours of operation have been removed from the Instructions for
Payers at the request of the Office of Notice Gatekeeper.
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