It's almost tax season again. As always, we are here to help!
Below, we’ve provided some guidance on what kind of tax documents you should expect to receive and when they will be sent to you. As always, feel free to reach out to us if you have any questions.
What Forms Do I Need For Tax Season?
I contributed to my 401k.
It will be reflected in your W2 provided by your employer or payroll processor.
I took a distribution from a 529 account.
The owner or beneficiary (student) will receive a 1099-Q from the financial institution where the 529 is held. You’ll need to tell your tax preparer which calendar year’s tuition or which student loan your distribution paid.
I contributed to my IRA or Roth IRA.
You’ll need to keep track of how much you contributed and let your tax preparer know. Although you’ll be mailed form 5498 that details your contributions, most institutions do not mail these forms until later in May because the contribution deadline is as late as April 18.
I took a distribution from my IRA, Roth IRA, 401(k), or other retirement account.
You’ll receive a 1099-R form from the financial institution where the account is held.
I made a Qualified Charitable Distribution (QCD) from my IRA.
You’ll receive a 1099-R form from the financial institution where the account is held. However, this can be confusing because there is not a special tax reporting code for QCDs. Instead, it is coded as a normal distribution, and you will need to let your tax preparer know that it was a QCD.
I converted funds to a Roth IRA.
You’ll receive two forms for this transaction. You’ll receive a 1099-R indicating that you distributed funds from the traditional IRA, 401(k), or other retirement account. You’ll also receive form 5498, most likely in May, indicating you contributed those funds to your Roth IRA. You will need to let your tax preparer know that the funds you distributed from your IRA or other retirement account were converted to your Roth IRA.
I rolled over a 401(k) or other employer-sponsored retirement account.
You’ll receive a 1099-R from the institution that held the account indicating you distributed the funds. You will also receive a 5498 from the receiving institution indicating the funds were part of a rollover. If you do not receive the 5498 indicating the funds were rolled over, contact the institution that received the rollover funds to make sure the rollover was coded correctly.
I bought or sold investments in a nonretirement account.
You’ll receive a 1099-B form. This form shows capital gains and losses. It may be contained within a 1099-CONSOLIDATED Tax Statement.
I received dividends or interest – such as from bonds or a bank account.
You’ll receive a 1099-DIV or 1099-INT, which also may be within the 1099-CONSOLIDATED Tax Statement.
LPL Tax Mailings & Other Important Dates