Year-End Tax Forms
Members who qualify based on dividends earned or mortgage interest paid will receive separate forms before January 31 for tax-reporting purposes. Those holding IRAs, CESAs, and/or HSAs will receive individual IRS reporting forms. Contact your tax advisor for more information.
Duplicate tax-reporting forms are available for a small fee should you misplace these documents. Contact the Investments Department at 1 (833) 226-4007, Ext. 1284, for further information.
Year-End Tax Forms
All year-end tax forms will be sent by Jan. 31, with the exception of the IRA/CESA/HSA contribution forms that will be sent in May.
The various tax form categories include:
The IRS requires a 1099-INT notice be sent to members who meet either of the following criteria:
- Earned $10 or more interest on non-IRA/HSA accounts and/or from the redemption of savings bonds.
- Experienced backup withholding.
- 1099-R notices: Report Traditional and Roth IRA distributions, excluding IRA-to-IRA transfers.
- 1099-Q notices: Report Coverdell Education Savings Accounts distributions.
- 1099-SA notices: Report Health Savings Account distributions.
Required Minimum Distribution (RMD) Notice
RMD notices report the IRA owner’s 2016 required minimum distributions. A notice will be provided to the IRA owner by January 31 if the member has a Traditional IRA, is on mandatory distribution, or will reach age 70.5 in 2017.
IRA/HSA Contributions (Mailed in May)
Traditional and Roth IRA contributions, excluding IRA-to-IRA transfers, are reported on form 5498. 5498-CESA notices report CESA contributions, and 5498-SA notices report HSA contributions.
Mortgage interest paid is reported on form 1098 for those who paid a minimum of $600 in interest. Form 1099-S reports proceeds from the sale of a home when Liberty Financial conducts the closing for a new home purchase.