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.
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.
Electronically filed 5498 forms are directly transmitted to the IRS from the Tax1099.com system. IRS e-filed acceptance acknowledgment comes within 3 to 7 business days.