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1099 Forms



Form 5498

What is 1099-R?

What is it?

Payment Settlement Entities (PSE) file Form 5498 for payments made in settlement of a reportable payment transaction. Payments include those made through payment cards, such as a credit, debit, or gift card, or through a third party network.

Who needs it?

Every PSE or other party which submits instructions to transfer funds to the account of a participating merchant, in settlement of reportable payment transactions, must file an information return (Form 5498) with respect to each participating payee for that calendar year.

  • To whom you paid amounts reportable in boxes 1, 3, and 8 of at least $10 (or at least $600 of interest paid in the course of your trade or business described in the instructions for Box 1. Interest Income, later),
  • For whom you withheld and paid any foreign tax on interest, or
  • From whom you withheld (and did not refund) any federal income tax under the backup withholding rules regardless of the amount of the payment.
Who needs Form 5498?

When to File it

With Tax1099.com, we automatically schedule your IRS e-File transmission date for the e-File deadline. That allows you to make changes to forms after creating them for your vendors and before sending them to the IRS, without the need to issue corrected forms – all at no additional cost for the e-File update. You may also change the scheduled date to occur earlier than the deadline if you prefer.

When to file Form 5498?
Filing Type Due Date
Recipient copy January 31, 2017
IRS Paper Filing February 28, 2017
IRS E-File March 31, 2017
How long will Form 5498 form take?

Electronically filed 5498 forms are directly transmitted to the IRS from the Tax1099.com system. IRS e-filed acceptance acknowledgment comes within 24-48 business hours.

Pricing

Pricing

As low as $0.55 per recipient/per form. For detailed pricing info, click here .