Tax Form Information

Non-Taxable Accounts (IRAs, Roth IRAs, etc.)

Forms mailed by January 31:

Form 1099-R: Reports distributions from a retirement account or annuity. It reports the amount distributed, the taxable amount if known, and the distribution code.

  • Clients may receive more than one Form 1099-R if there is more than one distribution code for the distributions taken. For instance, if a client takes a distribution prior to age 59½, it will be coded as a premature distribution. If the client takes another distribution in the same year after turning age 59½, it will be coded as a normal distribution.
  • Form 1099-R is produced in triplicate. If the client had federal and/or state withholding withheld from a distribution, they will need to include a copy of the Form 1099-R with their federal tax return and/or state tax return.
If a client did not have any distributions, there will not be a 1099!

RMD Notification: The RMD Notification letter is a substitute Form 5498. Retirement plan custodians are required to inform clients that have reached age 73 that they are required to take a minimum amount from their IRA, SEP, or SIMPLE. Axos Advisor Services provides the December 31 Fair Market Value (FMV) of the prior year as well as the amount of the RMD to be taken based on the FMV of that IRA. If the client has other IRAs they will need to take their RMD based on the total FMV of all their IRAs.

Forms mailed by May 31:

Form 5498: This form reports IRA, SEP, SIMPLE or Roth contributions, rollovers, Roth conversions, recharacterizations and fair market value. In addition, Form 5498 references if the client is required to take an RMD. If there is no other reportable information, the fair market value is reported on the clients’ year-end statement and any RMD information is reported directly to the client on the RMD Notification letter, which is mailed by January 31 of each year.

Taxable Accounts (IRAs, Roth IRAs, etc.)

Forms will be mailed by February 15 of each year. NOTE: There may be revisions to this form.

We highly recommend waiting until at least March 15 to file your taxes in case there are revisions.

The taxable account tax packet: There may be up to five tax forms included in this tax packet. Only the forms applicable to your account will be included.

  • Form 1099-B: Reports the gross proceeds from the sale of assets and the cost basis for covered positions or purchase value for non-covered positions (see the covered/non-covered explanation later). The supplemental detail information provided with this form also includes the gain/loss information from each sale.
  • Form 1099-DIV: Reports dividends and capital gain distributions. The detail information supplied with this form breaks out each payment, the amount received and reports any reallocation information for that payment.
  • Form 1099-INT: Reports interest payments. The detail information supplied with this form breaks out each payment and the amount received.
  • Form 1099-MISC: Reports any rent, royalty or miscellaneous payment. This form is only produced when there are reallocations from Form 1099-DIV.
  • Form 1099-OID: Reports the Original Issue Discount (OID) information on debt securities. Since debt securities are now covered due to the cost basis regulations, Axos Advisor Services will be providing much more information for these assets. For instance, municipal bond information will be included; or, if the bond was purchased in the secondary market, any market discount or acquisition premium will be reported. If a client holds OID instruments that were purchased prior to January 1, 2016, Axos Advisor Services will provide the OID amounts, but no other information will be calculated.

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