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View as a web page.
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May 2021
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ANNUITY NEWSLETTER
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Changes to IRS Forms 5498 Mailing Date
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The 2020 income tax deadline was extended to May 17, 2021, and as a result, the deadline for 2020 IRA contributions was also extended to May 17, 2021. The deadline for IRA contributions in Texas, Louisiana, Oklahoma, Alabama, Tennessee, and Kentucky have been extended by the IRS for disaster relief. If you have a client who lives in these states and plan to contribute to their qualified plan for 2020, please check with the IRS for extension deadlines.
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To accommodate the extension of the 2020 IRA contribution deadline, the timeframe for providing Form 5498 was extended to June 30, 2021. Talcott will be mailing Form 5498 no later than June 30, 2021 and should be received in early July. Only contract holders who made a contribution to their qualified plan for the 2020 tax year will receive a 5498, and the form is not required to file a tax return. Please note that this mailing date may move following any additional changes from the IRS that may come into effect.
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