The IRS requires that we report the full amount of your IRA distribution in Box 1 (Gross distribution). In Box 2a (Taxable amount), we also report the full amount distributed unless you have directly rolled (transferred account to account) your funds to another IRA custodian/trustee. If funds are distributed directly to you, we cannot determine the taxable amount, since we do not know whether you have made any non-deductible (after-tax) contributions to this IRA account. Box 2b is checked to indicate that we have not determined the taxable amount. Please consult your tax advisor to determine if you have made any non-deductible (after-tax) contributions to your IRA account, which may lower your taxable amount.

Refer to IRS Publication 590, Individual Retirement Arrangements (IRAs), for additional information on figuring taxable and nontaxable amounts, and consult your tax advisor.

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.