Tax Reporting: Report Distribution from Retirement Plan Rolled Directly into an IRA on Form 1099-R

The IRS requires the trustee of an employer-sponsored retirement plan to report a direct rollover to an IRA, treated as a distribution and a subsequent rollover, on Form 1099-R.  The successor trustee is required to report the rollover contribution on IRS Form 5498.  IB, the administrative manager and trustee for your retirement accounts, provides Form 1099-R directly to you. For a detailed description of Form 1099-R, go to the US Persons and Entities tab located in the Tax Reporting section of the Accounts menu on the IB website.

In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in this FAQ was not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpayer.