Form 1099-R

By January 31 of each year, IRA account holders are issued Form 1099-R for their records.  This form displays the distributions or withdrawals taken from each IRA account for the prior year.   A copy of the form may need to be attached to federal and state tax returns when they are filed by U.S. persons.   

Information on the forms is supplied by I.B. directly to Principal Trust Company (PTC) for all account withdrawals.  Copies are sent directly to the IRA account owner's mailing address of record and not supplied to I.B.  In addition, PTC will send the same tax information to the Internal Revenue Service (IRS). 

Additional Copies

Additional copies may be obtained by calling PTC at 800-209-9010 or by requesting a duplicate from I.B. through the Message Center.

Tracking Distributions/Withdrawals

All IRA distributions/withdrawals may be reviewed on the daily, monthly, and annual account statements.  Additional questions may be directed to the Funds & Banking Group through through the Message Center located within Account Management.

Tax Form Corrections

Requests to correct figures on a 1099-R should not be directed by customers to PTC.   Even though PTC prepares and files all IRS forms on behalf of I.B., all correction requests must be verified and approved by I.B.  Any customer requests sent to PTC will be re-directed back to I.B. Customer Service.

Customers must submit a request in writing through the Message Center Tax Correction Request Form. Valid requests will identify the box to be corrected, specify transactions, and include any supporting documents. 

Form 5498

By the end of May each year, IRA account owners will be issued Form 5498 for their records.  The form displays the contributions or deposits made each year for the prior year, including catch-up contributions.   U.S. taxpayers are not required to attach the tax form to an income tax return.  The IRS has established June 2 as the reporting deadline for this form.  

Information on the forms is supplied by I.B. directly to PTC for all account deposits.  Copies are sent directly to the IRA account owner's mailing address of record and not supplied to I.B.  In addition, PTC will send the same tax information to the IRS. 

The following contributions are included on the Form 5498:

• 2011 Traditional IRA & Roth Contributions
• 2011 Rollover Deposits
• 2011 Roth Conversions
• 2011 Re-characterized Conversions
• 2010 and 2011 SEP Contributions actually made in 2010

Additional Copies

Additional copies may be obtained by calling PTC at 800-209-9010 or by requesting a duplicate from I.B. through the Message Center.

Tracking Contributions/Deposits

All IRA contributions/deposits may be reviewed on the daily, monthly, and annual account statements.  Additional questions may be directed to the Funds & Banking Group through the Message Center located within Account Management.

Tax Form Corrections

Requests to correct figures on a Form 5498 should not be directed by customers to PTC.   Even though PTC prepares and files all IRS forms on behalf of I.B., all correction requests must be verified and approved by I.B.  Any customer requests sent to PTC will be re-directed back to I.B. Customer Service.

Customers must submit a request in writing through the Message Center Tax Correction Request Form. Valid requests will identify the box to be corrected, specify transactions, and include any supporting documents.

On-line Support for customers about the forms and what they mean is provided by I.B. to help  with frequently asked questions at http://www.interactivebrokers.com/en/p.php?f=faq&ib_entity=uk#40

Disclaimer:  IB does not provide tax advice. These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any international, federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor. We recommend that you consult a qualified tax advisor or refer to the U.S. Internal Revenue Service.