How to read your 1099-R and 5498 | Robinhood

How to read your 1099-R and 5498

The Form 1099-R is required by the IRS for distributions received from individual retirement accounts (IRAs), such as with Robinhood Securities.

In conjunction with the Form 1099-R for distributions, you may also get a Form 5498 for contributions made into an IRA. If a Roth conversion is completed with Robinhood, you’ll get a 1099-R for the money that's leaving the Traditional IRA and a Form 5498 for the money that's moving into the Roth IRA. The IRS instructions for Forms 1099-R and 5498 have more details.

Note

The IRS deadline for Robinhood to send your tax forms is January 31 for Form 1099-R and May 31 for Form 5498 for this tax year.

The following Form 1099-R and 5498 examples help explain the key information that’s included.

Keep in mind

These examples are for informational purposes only and aimed at answering questions regarding the forms you’ll get from Robinhood. We don't provide tax advice. For specific questions about your tax situation, consult a tax professional.

Form 1099-R

Form 1099-R example

The following key information is included on a Form 1099-R:

  1. Robinhood’s name, address, and taxpayer identification number (TIN): You’ll need Robinhood’s payer TIN for your tax return
  2. Your account information, including your account number, document ID, address, and TIN: You’ll need your account number and document ID to import your 1099-R into your tax software provider
  3. Gross distribution: Shows what you withdrew from your retirement account this tax year
  4. Taxable amount: Shows the amount that could be taxable to you
  5. Federal income tax withheld: Shows the amount that was withheld for federal taxes
  6. State tax withheld: Shows the amount that was withheld for state taxes

Form 5498

Form 5498 example

The following key information is included on Form 5498:

  1. Robinhood’s name, address, and taxpayer identification number (TIN)
  2. Your account information, including your account number, document ID, address, and TIN: You’ll need your account number and document ID to import your 5498 into your tax software provider
  3. IRA contributions: Shows the amount (other than amounts in Rollover contributions) of IRA contributions that were made from January 1, 2023 through April 15, 2024, designated for 2023
  4. Rollover contributions: Shows the amount of rollover contributions that you received during 2023
  5. Roth IRA conversion amount: Shows the amount converted from a traditional IRA to a Roth IRA in 2023
  6. Recharacterized contributions: Shows the amount recharacterized from transferring any part of a contribution (plus earnings) from one type of IRA to another
  7. Roth IRA contributions: Shows the amount contributed to a Roth IRA in 2023 and through April 15, 2024, designated for 2023
  8. If checked, required minimum distribution (RMD) for 2024: If required to withdraw an RMD in 2024, this box will be checked. You can request an RMD calculation from us, if necessary

Funds being contributed into or distributed from retirement accounts may entail tax consequences. Contributions are limited and withdrawals before age 59 1/2 may be subject to a penalty tax. Robinhood does not provide tax advice; please consult with a tax adviser if you have questions.

The Robinhood IRA is available to any of our US customers with a Robinhood brokerage account in good standing. Note, if you have a B-Notice, you won’t be able to open an IRA until your account restrictions are lifted.

FAQ

Do you report these forms to the IRS?

Yes. Per IRS rules, we’re required to report Forms 1099-R and 5498.

Do I file these forms with my taxes?
  • Yes, you do need to file Form 1099-R with your taxes.
  • You’ll use information from Form 5498 when filing your taxes, but generally don’t need to file this informational form with your taxes.

The IRS instructions for Forms 1099-R and 5498 have more details.

When will I get a corrected Form 5498?

If you’re expecting a corrected Form 5498 because you requested an adjustment to a 2023 5498 reportable transaction, we typically send them by July 1, 2024.

Why am I getting 2023 forms in 2024?

Retirement contributions are reported based on the year for which they’re designated. For more details, review IRS instructions for Forms 1099-R and 5498.

Why is or isn’t my Roth conversion contribution on Form 5498?

Conversion contributions are reported in the year that they occur. If you converted to a Roth in 2024, then the conversion contribution will be reported on your Form 5498 for the 2024 tax year. For details, review Recharacterizations and Roth conversions.

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All investing involves risk.

Brokerage services are offered through Robinhood Financial LLC, (“RHF”) a registered broker-dealer (member SIPC) and clearing services through Robinhood Securities, LLC, (“RHS”) a registered broker dealer (member SIPC). Cryptocurrency services are offered through Robinhood Crypto, LLC (“RHC”) (NMLS ID: 1702840). The Robinhood Money spending account is offered through Robinhood Money, LLC (“RHY”) (NMLS ID: 1990968), a licensed money transmitter. Credit card products are offered by Robinhood Credit, Inc. (“RCT“) (NMLS ID: 1781911 and issued by Coastal Community Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.

The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard® International Incorporated. RHF, RHY, RHC and RHS are affiliated entities and wholly owned subsidiaries of Robinhood Markets, Inc. RHF, RHY, RHC and RHS are not banks. Securities products offered by RHF are not FDIC insured and involve risk, including possible loss of principal. Cryptocurrencies held in RHC accounts are not covered by FDIC or SIPC protections and are not regulated by FINRA. RHY products are not subject to SIPC coverage but funds held in the Robinhood Money spending account and Robinhood Cash Card account may be eligible for FDIC pass-through insurance (review the Robinhood Cash Card Agreement and the Robinhood Spending Account Agreement).

Options trading entails significant risk and is not appropriate for all customers. Customers must read and understand the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Options transactions are often complex and may involve the potential of losing the entire investment in a relatively short period of time. Certain complex options strategies carry additional risk, including the potential for losses that may exceed the original investment amount.

Commission-free trading of stocks, ETFs and options refers to $0 commissions for Robinhood Financial self-directed individual cash or margin brokerage accounts that trade U.S. listed securities and certain OTC securities electronically. Keep in mind, other fees such as trading (non-commission) fees, Gold subscription fees, wire transfer fees, and paper statement fees may apply to your brokerage account. Please see Robinhood Financial's Fee Schedule to learn more.

© 2024 Robinhood. All rights reserved.