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What tax documents do I need to file for a 401(k) or IRA?
What tax documents do I need to file for a 401(k) or IRA?

Here are the IRS tax forms related to retirement accounts that may be require when you file your taxes.

Updated over a week ago

If you have a 401(k) or individual retirement account (IRA), you might be wondering what you are required to report on your taxes.

Luckily, you typically don’t need to report your 401(k) contributions, 401(k) or IRA balances, or even investment returns to the Internal Revenue Service (IRS). As a result, you might not receive any tax forms from Guideline or any other retirement providers.

However, if certain 401(k) or IRA transactions occurred during the year, you may need to file specific IRS forms with your tax return. These forms will include information that will help you report these transactions so you pay the appropriate taxes. While some forms will be provided automatically by your retirement account provider, you may have to complete others on your own or with your tax advisor.​

Here is an overview of common 401(k) and IRA related forms that may be required when filing your taxes.

Forms completed and provided by the financial organization

If applicable, these are the forms you can expect to receive from your retirement provider or custodian:

IRS Form 1099-R

Form 1099-R is used to report distribution (withdrawal) amounts from a 401(k) plan or IRA. Note you will only receive this if you took a distribution or completed a direct rollover.

You will not receive a 1099-R for trustee-to-trustee transfer between IRAs or for loans from a 401(k) unless it was “deemed distributed” due to a default.

⚠️ 2023 Form 1099-R now available: 401(k) and IRA

Note, if you did not take a distribution from your retirement account, you will not receive a 1099-R.

IRS Form 5498

Form 5498 reports contributions made to all types of IRAs. This form will show any rollover and conversion as well as more traditional contributions. Generally, Form 5498 is not required to be filed with your tax return, but it provides you an opportunity to verify that the information matches your tax return for your IRA and rollover contributions.

Where to find tax forms with Guideline

After any applicable tax forms become available, Guideline will provide a PDF version of each within your account (typically, several weeks after you receive the mailed hard copies).

You will then be able to view the PDF tax forms within the IRS folder of your 401(k) or IRA Resource Library.

Forms you may need to complete

In some cases, you may be required to complete the following forms:

IRS Form 5329

Form 5329 is used to calculate possible IRS penalties or request a penalty waiver for the following:

IRS Form 8606

Form 8606 is used for nondeductible contributions to an IRA

Filing the right forms with your tax return can help ensure that the information reported to the IRS is correct. There may be instances where additional forms or paperwork are needed.

If you are unsure whether you should be filing a specific form, we recommend reaching out to your tax advisor or accountant.

This content is for informational purposes only and is not intended to be taken as tax advice. You should consult a tax professional to determine what forms are needed to properly report your taxes.

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