Instructions For Forms 1099-R And 5498 - 2015 (Page 20 of 23) in pdf

amount of the gratuity or SGLI payment less any amounts

Serving, or has served in a qualifying hazardous duty

contributed to Coverdell ESAs. Report the amount of the

area, or

rollover contribution in box 2 only. See section 408A(e)(2),

Serving, or has served in an active direct support area.

and Notice 2010-15, 2010-06 I.R.B. 390, available at

If a qualifying participant makes a contribution to an

, for more

IRA after April 15 and designates the contribution for a

information on limitations.

prior year, you must report the type of IRA (box 7) and the

Electronic filers. You may request an automatic

amount on Form 5498. Report the amount either for (1)

waiver from filing Forms 5498 for combat zone

the year for which the contribution was made or (2) a

participants by submitting Form 8508, Request for Waiver

subsequent year. See boxes 13a, 13b, and 13c, later.

From Filing Information Returns Electronically. Once you

1. If you report the contribution for the year it is made,

have received the waiver, you may report all Forms 5498

no special reporting is required. Include the contribution in

for combat zone participants on paper. Alternatively, you

box 1 or box 10 of an original Form 5498 or of a corrected

may report contributions made by the normal contribution

Form 5498 if an original was previously filed.

due date electronically and report the contributions made

2. If you report the contribution on Form 5498 in a

after the normal contribution due date on paper. You may

subsequent year, you must include the year for which the

also report prior year contributions by combat zone

contribution was made, the amount of the contribution,

participants on a corrected Form 5498 electronically or on

and one of the following indicators.

paper.

a. Use “EO13239” for Afghanistan and those countries

See part F in the 2015 General Instructions for Certain

in direct support, including Djibouti, Jordan, Kyrgyzstan,

Information Returns for information on how to request a

Pakistan, Somalia, Syria, Tajikistan, Uzbekistan, Yemen,

waiver on Form 8508.

and the Philippines. For the Philippines only, personnel

Reporting FMV of certain specified assets. Assets

must be deployed in conjunction with Operation Enduring

held in an IRA that are not readily tradable on an

Freedom supporting military operations in the Afghanistan

established securities market or option exchange, or that

combat zone.

do not have a readily available FMV, must be reported at

b. Use “EO12744” for the Arabian Peninsula, including

the FMV determined as of December 31, 2015. See the

air space and adjacent waters (the Persian Gulf, the Red

instructions for boxes 15a and 15b, later.

Sea, the Gulf of Oman, the Gulf of Aden, the portion of the

Corrected Form 5498. If you file a Form 5498 with the

Arabian Sea that lies north of 10 degrees north latitude

IRS and later discover that there is an error on it, you must

and west of 68 degrees east longitude, and the total land

correct it as soon as possible. See part H in the 2015

areas of Iraq, Kuwait, Saudi Arabia, Oman, Bahrain,

General Instructions for Certain Information Returns or

Qatar, the United Arab Emirates), and Jordan which is in

Pub. 1220, if filing electronically. For example, if you

direct support of the Arabian Peninsula.

reported contributions as rollover contributions in box 2,

c. Use “EO13119” or Public Law 106-21 “PL106-21”

and you later discover that part of the contribution was not

for the Federal Republic of Yugoslavia (Serbia and

eligible to be rolled over and was, therefore, a regular

Montenegro), Albania, Kosovo, the Adriatic Sea, and the

contribution that should have been reported in box 1

Ionian Sea north of the 39th parallel. (Note: the combat

(even if the amount exceeds the regular contribution limit),

zone designation for Montenegro and Kosovo (previously

you must file a corrected Form 5498.

a province within Serbia) under Executive Order 13119

Statements to participants. If you are required to file

remains in force even though Montenegro and Kosovo

Form 5498, you must provide a statement to the

became independent nations since EO 13119 was

signed.)

participant. By February 1, 2016, you must provide

participants with a statement of the December 31, 2015,

For additions to, or subtractions from, the list of

value of the participant's account and RMD, if applicable.

combat zones or qualified hazardous duty areas

Trustees of SIMPLE IRAs also must provide a statement

implemented by executive orders and public

of the account activity by February 1, 2016. Contribution

CAUTION

laws, and direct support areas designated by the

information for all other types of IRAs must be provided by

Secretary of Defense, after the publication date of these

May 31, 2016. You are not required to provide information

instructions, go to

to the IRS or to participants as to whether a contribution is

deductible or nondeductible. In addition, the participant is

Example. For a $4,000 IRA contribution designated by

not required to tell you whether a contribution is

a participant who served under EO 13239 for the tax year

deductible or nondeductible.

2012, enter “4000” in box 13a, “2012” in box 13b, and

“EO13239” in box 13c only. Make no entry in box 1 or

If you furnished a statement of the FMV of the account,

box 10.

and RMD if applicable, to the participant by February 1,

Repayment of qualified reservist distributions.

2016, and no reportable contributions, including rollovers,

Report any repayment of a qualified reservist distribution

recharacterizations, or Roth IRA conversions, were made

as described in section 72(t)(2)(G) in boxes 14a (amount)

for 2015, you need not furnish another statement (or Form

and 14b (with indicator code “QR”).

5498) to the participant to report zero contributions.

Military death gratuities and servicemembers'

However, you must file Form 5498 with the IRS by May

group life insurance (SGLI) payments. Recipients of

31, 2016, to report the December 31, 2015, FMV of the

military death gratuities and SGLI payments may

account and, for years after 2015, the FMV of

contribute amounts received to a Roth IRA, up to the

hard-to-value assets. This rule also applies to beneficiary

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Instructions for Forms 1099-R and 5498 (2015)

Instructions For Forms 1099-R And 5498 - 2015 Page 20

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