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IRS Release Status: FINAL

Sample Excel Import File: 5498 2020.xlsx 

What's New for 2020

  • New repayment code: “BA” for reporting a repayment of a qualified birth or adoption distribution. (For Box 14b)
  • The SECURE Act , section 114, has increased the RMD age from 70 1/2 to 72 for taxpayers turning 70 1/2 after December 31, 2019

Import Form Fields:

Field NameSizeType DescriptionNotes
See Form Filer Common FieldsFiler fields common to all form types.
See Recipient Common FieldsRecipient fields common to all form types.

Box 1 Amount

12AmountBox 1: IRA contributions (other than amounts in...)
Box 2 Amount12AmountBox 2: Rollover contributions

Box 3 Amount

12Amount

Box 3: Roth IRA conversion amount


Box 4 Amount

12AmountBox 4: Recharacterized contributions
Box 5 Amount12AmountBox 5: Fair market value of account

Box 6 Amount

12Amount

Box 6: Life insurance cost included in box 1


Box 7 Checkbox 11CheckboxBox 7: IRAX / Y / T / 1 = Checked
Box 7 Checkbox 21CheckboxBox 7: SEPX / Y / T / 1 = Checked
Box 7 Checkbox 31CheckboxBox 7: SIMPLEX / Y / T / 1 = Checked
Box 7 Checkbox 41CheckboxBox 7: Roth IRAX / Y / T / 1 = Checked
Box 8 Amount12AmountBox 8: SEP contributions
Box 9 Amount12AmountBox 9: SIMPLE contributions
Box 10 Amount12AmountBox 10: Roth IRA contributions
Box 11 Checkbox1CheckboxBox 11: Check if RMD for 2021X / Y / T / 1 = Checked
Box 12a Date10DateBox 12a: RMD dateMM/DD/YYYY or M/D/YYYY
Box 12b Amount12AmountBox 12b: RMD amount
Box 13a Amount12AmountBox 13a: Postponed/late contributions
Box 13b Year4NumericBox 13b: YearYYYY
Box 13c Code8TextBox 13c: CodeFD / PO / SC / E012744 / E013239 / E013119 / PL106-21 / PL115-97
Box 14a Amount12AmountBox 14a: Repayments
Box 14b Code2TextBox 14b: CodeDD / QR / BA
Box 15a Amount12AmountBox 15a: FMV of certain specified assets
Box 15b Code2TextBox 15b: Code(s)See IRS Instructions
See Form Common FieldsForm fields common to all form types.

5498 Form:

IRS 5498 Form: 5498 2020 Form

IRS 5498 Instructions:  5498 2020 Instructions

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