Instructions for Forms 1099-R and 5498 - Introductory Material


Future Developments

For the latest information about developments related to Forms 1099-R and 5498 and their instructions, such as legislation enacted after they were published, go to www.irs,gov/form1099r or www.irs.gov/form5498.

What's New

Form 1099-R

New distribution code.   Use distribution Code K to report distributions of IRA assets not having a readily available FMV. See the Guide to Distribution Codes, later.

Form 5498

Box 15a. FMV of certain specified assets.   Use box 15a to report the fair market value (FMV) of investments in the IRA that are specified by category code(s) in box 15b.

Box 15b. Code(s).   Use codes A through H for reporting the types(s) of investments held in an IRA for which the FMV is required to be reported in box 15a.

  See Reporting FMV of certain specified assets, and the instructions for box 15b, in the Specific Instructions for Form 5498, later.

Using new Code K on Form 1099-R, and boxes 15a and 15b on Form 5498, for reporting hard-to-value IRA assets is optional for 2014.

Reminder

In addition, see the 2014 General Instructions for Certain Information Returns for information on the following topics.

  • Who must file (nominee/middleman).

  • When and where to file.

  • Electronic reporting requirements.

  • Corrected and void returns.

  • Statements to recipients.

  • Taxpayer identification numbers.

  • Backup withholding.

  • Penalties.

  • Other general topics.

You can get the general instructions at www.irs.gov/form1099r or www.irs.gov/form5498 or call 1-800-TAX-FORM (1-800-829-3676).


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