Get answers to frequently asked questions.

Frequently asked questions for savers

What is the IRS Form 1099-R form?

If you make a withdrawal from your IRA, you will receive IRS Form 1099-R, which is a tax form that details all of the withdrawals you made throughout the tax year from your account. If you take money out of your retirement account for any reason, you’ll get Form 1099-R. A 1099-R form is called the “Distributions From Pensions, Annuities, Retirement, or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.”

To ensure that you properly handle matters on your federal income tax return, please consult a tax advisor and learn more about Form 1099-R from the IRS directly.

When is IRS Form 1099-R available?

You should receive the 1099-R no later than early February after the calendar year of the retirement account distribution since the plan administrator must send it by January 31. You will receive it via mail or electronic delivery based on your account communications preferences.

What is Form IRS Form 5498?

If you make a contribution to your IRA, IRS Form 5498 is a tax form that you will receive. This form details all of the contributions you made throughout the tax year to your account. The 5498 tax form reports Roth and traditional IRA contributions.

To ensure that you properly handle matters on your federal income tax return, please consult a tax advisor and learn more about Form 5498 from the IRS directly.

When do you get IRS Form 5498?

The plan administrator must file Form 5498 to the IRS by May 31 each year — and you will receive a copy of the form. The deadline to file the form is later than other tax forms. This is because your retirement contributions are due for the previous tax year on the tax return due date, tax deadline, which typically falls on April 15 — so the IRS gives the issuers extra time until May 31 to file the form.

What to do with IRS Form 5498?

This document does not need to be filed with your taxes. Once you obtain Tax Form 5498, keep it for your records.