The IRS recently re-released the 2024 5498 (IRA Contribution Information). The instructions for Box 14a and Box 14b were updated to reflect that the 10% tax on early distributions does not apply to distributions for emergency personal expenses, terminally ill individuals, and domestic abuse victims. Repayments made after 60 days for these early distribution types should be reported in Box 14a using new codes in Box 14b: ‘EP’ for emergency personal expenses, ‘TI’ for terminally ill individuals, and ‘DA’ for domestic abuse victims.
