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Tax FAQs

Form 5498 reports your total annual contributions to an IRA account and identifies the type of retirement account you have, such as a Traditional IRA, Roth IRA, SEP IRA or SIMPLE IRA. Form 5498 will also report amounts that you roll over or transfer from other types of retirement accounts into this IRA. If you claim a deduction for an IRA contribution, you should reference the amounts on Form 5498.

Please note, Form 5498 reports contributions differently depending on the type of IRA that you have. 5498 forms report SEP and SIMPLE IRA contributions made in a specific calendar year. This form will not include contributions made outside the calendar year even though they may be coded as a previous year contribution. 5498 forms report Tradition and Roth IRA contributions for the year they are code.

What is an IRS Form 1099-R?
Form 1099-R is generally used to report designated distributions of $10 or more from pensions, annuities, profit-sharing and retirement plans, IRAs, and insurance contracts. Copies of Form 1099-R are provided to the taxpayer identified on the Form, the Internal Revenue Service and the appropriate state, city or local tax department. 1099-R forms are mailed directly from LPL Financial and you typically have them by the end of January.

What is an IRS Form 1099?
Form 1099 is generally used to report dividends, interest and capital gains as well as other less common taxable events in a non-retirement account. 1099 forms are mailed directly from LPL Financial and may take as long as mid-February or later to receive.