Form 1099-R

Distributions From Pensions, Annuities, Retirement or Profit-sharing Plans, IRAs or Insurance Contracts

Why we send you this form:

We must report to you information regarding:

  • Direct rollovers (from one retirement account to another).
  • Full or partial distributions (payouts).
  • Conversions from retirement plans.
  • IRA recharacterizations (converting to a Roth IRA then back to a traditional IRA within the same year).
  • Federal income tax withheld from your distributions, if any. (See box 4).

Distribution Codes, Box 7 of Form 1099-R:

This box identifies the type of distribution you received. For example, Code G identifies distributions due to a direct rollover of a distribution (other than a designated Roth account distribution) to a qualified plan, a section 403(b) plan, a governmental section 457(b) plan, or an IRA. You should consult your tax advisor on the tax treatment of your distribution.

You may visit the instructions for Form 1099-R at www.irs.gov for the complete list of distribution codes.

Not on this form:

  • If you moved a retirement plan directly from one financial institution to another (trustee-to-trustee transfer), that distribution will not be reported.
  • Contribution information. This is reported on Form 5498 instead.
  • Distributions to most foreign shareholders. See Form 1042 for more information.

You may also receive:

  • Form 5498 – If you completed a direct rollover from one retirement account to another.

Form 5498

IRA Contribution Information

Why we send you this form:

We must report your annual contributions to a Traditional IRA, Roth IRA, SIMPLEIRA, SEPIRA or SARSEP account.

Also reported on an IRA Contribution Form are:

  • Rollover contributions.
  • Roth IRA conversion amounts.
  • Recharacterized contributions.
  • The fair market value of the account as of yearend 12/31.

Not on this form:

  • Full or partial distributions, including a rollover, from retirement plans.
  • Any federal income tax withheld from your rollover distributions.
  • Required Minimum Distribution (RMD) amounts, you will receive a separate letter mailed in the month of January if you are eligible to receive one.

You may not receive this form if you:

  • Made no contributions to your IRA. Instead your yearend statement serves as a substitute Form 5498 to report your fair market value as of year-end December 31.

You may also receive:

  • Form 1099-R – If you completed a rollover.