u2achtungbaby
Apr 29 2003, 01:41 PM
For tax year 2003, are we required to generate a Form 5498 for Immediate Annuities that are Individual Retirement Annuities?
Thanks
amfam2
May 13 2003, 11:18 AM
We send our immediate annuity contract owners 5498's showing the commuted value of the contract as FMV.
It is my understanding of the regulations that even if the annuity is an immediate annuity, the 5498 reporting requirement applies as well.
jlg