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Tax Reporting
How are deposits (contributions) to an IRA reported to the IRS?
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How are withdrawals (distributions) to an IRA reported to the IRS?
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Is there any resource that can be used for IRA reporting issues?
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Help Topics
Traditional IRA
Roth IRA
Rollover IRA
Coverdell ESA (formerly Education IRA)
Fees
IRA Distributions
Recharacterizations and Conversions
Tax Reporting

ANSWERS

How are deposits (contributions) to an IRA reported to the IRS?

The annual contributions and rollovers to IRAs are reported on Tax Form 5498. This form is sent to IRA holders at the end of May for the previous tax year.

How are withdrawals (distributions) to an IRA reported to the IRS?

Distributions, and the taxes withheld, are reported on Form 1099R. This form is sent to IRA holders at the end of January. Attach it to your tax returns if there was tax withholding done at the time of the distribution.

Is there any resource that can be used for IRA reporting issues?

Yes. The IRS Publication 590, Individual Retirement Arrangements, provides reporting information. You can obtain Publication 590 by calling 1-800-TAXFORMS or by visiting the IRS website http://www.irs.gov
 

BUYandHOLD, a Division of Freedom Investments does not provide legal or tax advice. Please consult with a tax planning professional or the Internal Revenue Service or their Publication 590, Individual Retirement Arrangements, regarding your personal tax situation. You can obtain Publication 590 by calling 1-800-TAXFORMS or by visiting the IRS website http://www.irs.gov

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