Summary of changes for 2010 Form 5498

2010 Form 5498, IRA Contribution Information

Purpose:

This is the first circulated draft of the 2010 Form 5498. Major
changes are discussed below.

TPCC
Meeting:

None scheduled, but one may be arranged if requested.

Prior
version:

The 2009 Form 5498 is available at:
http://www.irs.gov/pub/irs-pdf/f5498.pdf

Instructions:

The 2010 Instructions for Forms 1099-R and 5498 will be
circulated at a later date. The 2009 instructions are available at:
http://www.irs.gov/pub/irs-pdf/i1099r.pdf

Other
Products:

Circulations of draft tax forms and instructions are posted at:
http://taxforms.web.irs.gov/Circulations/index.htm

Comments:

Please email or fax any comments to me by July 15, 2009.
Please email comments to Jeff Arre, Reviewer, at
[email protected] ,

Melody DeVoe
Tax Law Specialist
SE:W:CAR:MP:T:I:P
Email: [email protected]
Phone: 202-283-7635
Fax: 202-283-2485
Description of Major Changes to the 2010 Form 5498
ŀ

All years have been updated.

ŀ

Under Instructions for Recipients/Lenders the phone number for TTY/TDD
has been changed. SE:E:CAR:EPSS:IRB

ŀ

Under Instructions for Trustees and Issuers the hours of operation of the
information reporting customer service site have been returned to the
form. Email from Sr. Tax Advisor, TFP

ŀ

Form 8935, Airline Payments Report, has been added to the title of Pub
1220, which is now titled Specifications for Filing Forms 1098, 1099, 3921,
3922, 5498, 8935, and W-2G Electronically, on the Instructions for
Trustees and Issuers page. SE:W:CAS:EPSS:IRB

ŀ

The checkboxes in Box 11 have all been lined up to the right for the
convenience of issuers of the form.

ŀ

The words on Copy B in Box 11 have been returned to the wording found
on previous editions of this form, at the request of Tom Sollazo of RR
Donnelly Company, a substitute forms provider.

ŀ

Boxes 15a and 15b have been shaded out as the provision for catch-up
contributions made in the case of certain employer bankruptcies in lieu of
the higher contribution limit for individuals age 50 or older. The box
descriptions on the Instructions for Participant page have been removed.
IRC 219(b)(5)(C)