SIFMA and the American Bankers Association (ABA) provide comments to the Internal Revenue Service (IRS) on draft IRS Forms 1099-R and 5498. The IRS is proposing to require additional  information in Form 5498 about certain specified assets in individual retirement accounts (IRAs). These specified assets include securities and options not traded on an established securities market, real estate, ownership interests in companies, partnerships, trusts, or other  entities not traded on an established securities market, and other assets without a readily available fair market value.

Many SIFMA member institutions are responsible for completing and submitting these forms to the IRS when acting as custodian or trustee of an IRA. SIFMA shares practical recommendations to make the forms more workable and easy to use.