What information does UMB report to the IRS?
UMB is required to report the total contributions made to each account each year, as well as the total amount of funds withdrawn from the account each year (distributions). This information is reported on Form 5498-SA (contributions) and Form 1099-SA (distributions) to both the accountholder and to the IRS. Form 1099-SA must be postmarked by January 31. Form 5498-SA must be postmarked by May 31, as consumers may contribute until the tax deadline, which is generally April 15.