Reporting IRA and Retirement Plan Transactions

 

Individuals

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

  • Where do I report SIMPLE IRA contributions for myself?

    See Simple IRA Tips for the Sole Proprietor; Operating a SIMPLE IRA Plan

     

  • Where do I deduct SEP contributions?
     

    See "Simplified Employee Pensions, Deducting Contributions, Where to Deduct Contributions," Publication 560, Retirement Plans for Small Business

     

  • Where do I report participants with deferred vested benefits?
     

    See Form 8955-SSA Resources

     

  • How are automatic enrollment contributions reported?

    See Auto Enrollment FAQ on reporting contributions
     
  • 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, 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.
       
  • What are the distribution codes for Form 1099-R?

    See the "Guide to Distribution Codes," Instructions for Forms 1099-R and 5498

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