Form Instruction 1099-R & 5498 AR 2024-2025

Form Instruction 1099-R & 5498 AR: What You Should Know

For these transactions, an initial account number was not required. However, beginning in April 2005, the IRS required an account number as part of the reporting requirement for the return of any required Form 1099-R or Form 5498 to the Department of Treasury for audit.  The account number is required for Form 1099-R. An IRA custodian who fails to furnish the account number to a customer prior to the end of the calendar quarter in respect of which the Form 1099-R/5498 was filed with the department is liable for a penalty tax of 25% of the amount of the penalty tax attributable to the failure.   Failure to Provide Account Number. If you are seeking to receive payment of any tax on a taxable distribution as a result of filing Form 1099-R, you must (1) furnish a copy of the form 990 to the customer with the following information (2) a complete copy of the form 1099-R/ 5498 and the original and two copies of any supporting documentation for the distribution, or (3) if there are no associated documentation, furnish one complete copy of the form 1099-R/ 5498 and two complete copies of any supporting documentation and, if applicable, (4) a full copy of the form 1099-R/ 5498 and (5) two complete copies of any supporting documentation.   Failure to Provide Original or Two Copies of Form 1099-R or 5498. If a taxpayer fails to furnish the original or two copies of any Form 1099-R or 5498 the first time you file a Form 1099-R with the department, a penalty of 20% of the amount of the penalty tax attributable to the failure is imposed to the extent of the failure.   Failure to Provide Full Copy of a Form Filing with Non-Certified Schedule. If you are filing a 1099-R, and you are filing a Schedule C and the amount of money on your Schedule C is not on the required non-certified Schedule C, you are liable for the penalties prescribed under section 6049 or 5498(b) for the returns or statements filed with the department.   Additional Comments on Form 1099-R I don't see any mention of Form W-2's for Form 1099-R.

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