Annually each custodian comes out with their own schedule for when tax documents (1099s) and any correction documentation will be available to clients.
If you do not receive your form(s) by mid-March, please contact our Client Service team at clientservices1@purefinancial.com or call (866) 876-7873.
You can also download your forms by logging into the website where your accounts are held.
IRS FORM 1099-R
Issued by your IRA Custodian/Trustee or plan administrator when certain transactions (more than $10) occur within your retirement account during the year.
a. Distributions made from your retirement accounts during the year, even if the amounts were later rolled over. (60 Day rollover)
b. Distributions from accounts (including rollovers) under qualified plans, 403(b) plans, governmental 457(b) plans. Traditional IRA’s, Roth IRA’s, SEP IRAs & Simple IRAs
c. Certain direct transfers are not reportable transactions and no 1099-R will be generated. Most trustee-to-trustee rollovers should still be reported on 1099-R. From 1099-R instructions:
Transfers generally, do not report a transfer between trustees or issuers that involves no payment or distribution of funds to the participant, including a trustee-to-trustee transfer from one IRA to another IRA, valid transfers from one section 403(b) plan in accordance with paragraphs 1 through 3 of Regulations section 1.403(b)-10(b), or for the purchase of permissive service credit under section 403(b)(13) or section 457(e)(17) in accordance with paragraph 4 of Regulations section 1.403(b)-10(b) and Regulations section 1.457-10(b) (8).
However, you must report:
- Recharacterized IRA contributions
- Roth IRA conversions
- Direct rollovers from qualified plans, section 403(b) plans, or governmental section 457(b) plans, including any direct rollovers from such plans that are IRRs or are qualified rollover contributions described in section 408A(e)
- Direct payments from IRAs to accept employer plans
Provide a copy of your 1099-R to your tax preparer, so that he (or she) can include any required information on your tax return.
IRS FORM 5498
Issued by IRA Custodians/Trustees and is used to report contributions made to your IRA/Roth IRA and recharacterizations between traditional IRAs and Roth IRAs.
a. This includes IRA/ROTH IRA contributions, Rollover contributions, Roth conversion contributions, and recharacterized IRA contributions.
b. This is also used to report the year-end fair market value for your IRA, and to indicate whether you are subject to RMDs from your traditional IRAs, SEP IRAs, or SIMPLE IRAs
c. It is not issued for qualified plans, 403(b) plans, and governmental 457(b) plans
d. Direct transfers from a traditional IRA to another traditional IRA or SEP IRA, a SIMPLE IRA, a SEP IRA to another SEP IRA or traditional IRA, or a Roth IRA to another Roth IRA are not reported on 5498.
It is required to be issued by May 31 of the year that follows the year in which a contribution is made to your IRA. (After the April deadline for making contributions)
The information from Form 5498 is not directly reported on your tax return. It is a good idea to provide a copy to your tax preparer, just in case the information reported on the form should be included on your tax return.
TIP: A common misconception is that if you roll over a distribution which you receive from an employer-sponsored retirement plan or IRA, during the year, it should not be reported on a 1099-R. However, that is not the case. All distributions, whether rolled over or not, are reported on Form 1099-R. If you rollover over a distribution to an IRA, your IRA Custodian/Trustee will issue IRS Form 5498, showing the amount that was rolled over. The 5498 will offset the 1099-R
1099 Consolidated Tax Document
This is only for non-qualified accounts. It is a collection of all applicable Form 1099s merged into one document. Forms that are not applicable to your circumstance will show zeroes.
This includes the following tax statements:
1099-B (broker & barter exchange transactions),
1099-DIV (dividends and distributions),
1099-INT (interest income),
1099-MISC (miscellaneous income),
1099-OID (original issue discount) & supplemental statements
The most common ones are 1099-B and 1099-DIV. 1099-B reports gains or losses on the sale of stock, bonds or other securities. 1099-DIV reports dividends paid from stocks as well as capital gains distributions from a mutual fund an individual has invested in.
This is the official document for tax reporting purposes rather than the December statement.
Frequent Questions
Q: | Why would I receive a corrected 1099 form?
A: | This is because mutual funds held in your account may provide updated information on dividend classification as late as 60 days following year-end in order to meet IRS requirements on properly classifying dividends paid as “qualified” or “ordinary”.
Q: | Should I wait to file my taxes to see if I get a corrected 1099?
A: | We recommend delaying filing your final return so that in the event you do receive a corrected 1099 form you can update your taxes as needed prior to filing
Q: | What if I have already filed my taxes and then I get a corrected form 1099?
A: | If you receive a corrected 1099 form after you have filed your taxes, you will likely have to file an amended return. You should consult your tax advisor.
Q: | Why do I have to wait until May to receive Form 5498? Why does it get sent after-tax deadline?
A: | Form 5498 reports retirement account contributions, and contributions to Roth IRAs and IRA can be made as late as April 15th. Your custodian has until May 31 to send Form 5498 to you so that contributions made up to the April 15th deadline are properly reported.
Q: | What forms are Roth Conversions reported on?
A: | The IRA distribution will show on IRS form 1099-R and the Roth inflow will show on IRS form 5498
Q: | What form are IRA/Roth IRA Contributions reported on?
A: | IRS Form 5498
Q: | Why is a direct transfer (Custodian to Custodian) not reported in the 1099-R or 5498?
A: | Certain direct transfers are not reportable which is why a 1099-R is not generated by the delivering custodian. Furthermore, a 5498 will not be generated by the receiving custodian because it is a direct transfer.
Q: | My accounts are at TD Ameritrade. When using consumer tax software, the software asks for a “Document ID.” Where can I find this information?
A: | It’s found at the top right-hand corner of your form 1099 tax document that TD Ameritrade issues.
Q: | If I sign up for eDelivery at Fidelity, will I also get my tax documents in the mail?
A: | No, you will receive an email when your tax forms are ready to print electronically. You will not receive a copy in the mail
Q: | How do I access my documents if I sign up for eDelivery at Fidelity?
A: | Fidelity will send you an e-mail notification as soon as your documents are available for viewing online. The e-mail includes a convenient direct link to the documents area within Fidelity.com. To protect your security, log in is required.
