Instructions for Forms 1099-R and 5498 (2023)

These forms report retirement account distributions and contributions, respectively, and are used for tax filing in the following year (2024 for 2023 contributions and distributions).

Form 1099-R:

Who receives it: Individuals who receive distributions of $10 or more from:

  • Pensions, annuities, retirement or profit-sharing plans
  • Individual retirement arrangements (IRAs)
  • Insurance contracts, survivor income benefit plans
  • Disability payments under life insurance contracts
  • Charitable gift annuities

What it reports:

  • Gross amount of the distribution (box 1)
  • Taxable amount (box 2a)
  • Federal income tax withheld (box 4)
  • Distribution code (box 7) specifying the type of distribution (e.g., regular, rollover, Roth conversion)

Where to file: Not filed by the recipient. It is informational for tax purposes.

Form 5498:

Who receives it: Individuals who contribute to an IRA

What it reports:

  • Type and amount of contributions made to IRAs for the year (traditional, Roth, SEP IRA, SIMPLE IRA)
  • Whether the contribution is deductible or not

Where to file: Not filed by the recipient. It is informational for tax purposes.

For the current year's instructions for Forms 1099-R and 5498, click here.

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