When will my tax forms be available?
Tax forms for most IRA Distributions, tax forms for Thrivent Mutual Funds, and tax forms for annuities and life insurance including Thrivent and third-party providers are generally available prior to January 31st.
Tax forms for taxable brokerage accounts begin to issue in late January but might take until mid-march to issue. Fidelity and NFS release these tax forms in waves with the first wave coming at the end of January. The next waves occurs in mid-February, and lastly late-February
Fidelity does provide an estimate for when the tax form for your taxable brokerage account will be ready. For most investors at Fidelity, your brokerage tax form will be available online by February 22nd and, if you’ve elected to receive tax forms by mail, mailed by March 1st. Login to your account at Fidelity.com and navigate to your tax forms section to find this estimate or start here, click on ‘View tax form schedule’ then ‘View your schedule.’
>>One notable change: Carriers will no longer issue tax form 5498 that shows IRA (including Roth IRAs, SEP IRAs, etc.) contributions and rollover contributions in January. Instead, they will issue tax form 5498 in mid-May after the tax filing deadline. Fidelity, and other custodians, are doing this to reduce tax form corrections as investors have until tax filling day to make additional previous year contributions to IRAs and thus the data they’ve historically reported in January frequently changes after the tax form is already issued. Please be aware that if you made IRA or Roth IRA contributions or completed a rollover in 2024, you will need to account for those transactions without tax form 5498, which identifies those actions, while filing taxes prior to the April deadline.
How can I access my tax forms online?
Please find step-by-step instructions for the following providers:
Do I need a tax form for the broker/dealer change Parable made in 2024?
No. The broker/dealer change that many of you signed forms for in 2024 is not reportable on your taxes. There are no tax form generated from this process.
What are the common types of tax forms?
- 1099-R
- Form 1099-R reports distributions you receive from retirement plans, IRAs (including traditional, rollover, Roth, SIMPLE, SEP and inherited IRAs), pensions, profit-sharing plans, annuities, and insurance contracts. Distributions that are part of a rollover from one plan to another, and IRA recharacterizations are also included.
- 5498
- Form 5498 reports contributions to an IRA account, including rollover, recharacterization, and conversions from another IRA or other retirement plan.
- Consolidated 1099
- This tax form reports various forms of income, like dividends, interest, and capital gains for taxable brokerage accounts.
- Consolidated refers to the various components included in this report. Those being:
- 1099-Div for Dividend income
- 1099-Int for Interest income
- 1099-B for Capital Gains
What generates tax forms?
- Generally a taxable or reportable transaction will generate a tax form.
- For IRAs that could be:
- IRA Distribution
- Note: This would occur for Qualified Charitable Distributions (QCDs) as well. See specific FAQ below for more.
- IRA Rollovers
- Though this is generally not taxable, it is reportable. A 1099-R showing the distribution can be offset by a 5498 showing the rollover deposit.
- IRA Distribution
- For taxable brokerage accounts that could be:
- Dividend income
- Interest income
- Capital Gains
- Note: Generally, all taxable (non-IRA) brokerage accounts will receive a consolidated 1099 tax form.
I sent funds directly from my IRA to charity or my church (referred to as a qualified charitable distribution or QCD,) why am I receiving a tax form?
- Even if funds were sent from your IRA directly to charity or your church you should still expect to receive a 1099-R tax form.
- Providers, like Thrivent or Fidelity, cannot and do not verify that the third party recipient of the funds are a qualified charitable organization eligible for qualified charitable distributions. Therefore, they simply report gross distributions. Investors should work with their tax professional to ensure proper reporting and use receipts issued by the receiving organization as proof of the charitable contribution.
I redeposited IRA distributions back into my IRA (referred to as a 60-day rollover or indirect rollover) in 2024. What tax forms can I expect?
- Even if the funds were deposited, the initial distribution still occurred. Therefore, you will still receive a 1099-R tax form showing the distribution.
- You should also receive a 5498 tax form showing the indirect rollover.
- We recommend working with your tax professional for proper reporting.
What if I need additional help?
That’s why we’re here!
Schedule a 15-min virtual call with one of our Client Service Specialists to verify you have all your tax forms here.
To most effectively use this time together, please use the resources in this article to first collect all the tax forms that have been issued. During this meeting, we’ll happily review your collection to verify that you have your tax forms.