Reporting IRA and Retirement Plan Transactions

 

Individuals

  • Where do I deduct my IRA contribution?

     

    See "Reporting deductible contributions," Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs)

     

  • How do I report distributions from a pension or annuity?

     

    See "Income, Retirement Plans, Pensions and Annuities," Publication 17, Your Federal Income Tax

    Also see Publication 575, Pension and Annuity Income

     

  • How can I tell from Form 1099-R if my IRA distribution is taxable?

     

    See "Are Distributions Taxable?, Reporting and Withholding Requirements," Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs)

     

  • Are retirement plan contributions excluded from my taxable income?

     

    See "Income, Employee Compensation, Retirement Plan Contributions," Publication 17, Your Federal Income Tax

Use Form 8606 to report:

  • Nondeductible contributions to traditional IRAs
  • Distributions from traditional, SEP, or SIMPLE IRAs, if you have ever made nondeductible contributions to traditional IRAs
  • Conversions from traditional, SEP, or SIMPLE IRAs to Roth IRAs
  • Distributions from Roth IRAs

Use Form 5329 to report additional taxes on IRAs and retirement plans, including:

Plan Sponsors

  • How do I report a new responsible party for my retirement plan?

     

    See Beginning January 1, 2014, any entity with an EIN, such as a plan sponsor, must report a change in the identity of their plan's responsible party on Form 8822-B PDF PDF, Change of Address or Responsible Party - Business, within 60 days of the change. If the change is made before 2014, and the sponsor has not previously reported the change, the sponsor should file Form 8822-B prior to March 1, 2014.

    • For retirement plans, "responsible party" is the person who has a level of control, directly or indirectly, over the funds or assets in the retirement plan. See the instructions to Form 8822-B, page 2, for a detailed definition of "responsible party" and an explanation of who must sign the form.

File Form 1099-R for each person for whom you have made:

  • a distribution of $10 or more from profit-sharing or retirement plans, IRAs, annuities, pensions, insurance contracts, survivor income benefit plans, etc.

IRA contributions will be reported on Form 5498:

  • IRA contribution information is reported for each person for whom any IRA was maintained, including SEP or SIMPLE IRAs.
  • An IRA includes all investments under one IRA plan.
  • The institution maintaining the IRA files this form.

Additional resources