The IRS requires that IRA assets be held by a qualified custodian; an individual may not act as an IRA custodian. As the custodian and administrator, Entrust is also responsible for all recordkeeping and IRS reporting for the IRA. As the passive administrator, Entrust will report any contributions, distributions, rollovers and transfers made to the account. There are two required annual IRS filings (Form 1099 and 5498) that the administrator will provide to both the IRA holder and the IRS. The 1099 will show any distributions taken from your IRA. Form 5498 shows any contributions made to the account throughout the year, as well as the Fair Market Value of your account.
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