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 leaving the Traditional IRA and a Form 5498 for the money 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 do not provide tax advice. For specific questions about your tax situation, consult a tax professional.

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Form 1099-R

Example Form 1099-R

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
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Form 5498

Example Form 5498

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, 2022 through April 18, 2023, designated for 2022
  4. Rollover contributions: Shows the amount of rollover contributions that you received during 2022
  5. Roth IRA conversion amount: Shows the amount converted from a traditional IRA to a Roth IRA in 2022.
  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 2022 and through April 18, 2023, designated for 2022

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 customer with a Robinhood brokerage account in good standing.

Reference No. 2716107
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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). Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. The spending account is offered through Robinhood Money, LLC (“RHY”) (NMLS ID: 1990968), a licensed money transmitter. A list of our licenses has more information. The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard®. Mastercard and the circles design are registered trademarks of 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. Products offered by RHF are not FDIC insured and involve risk, including possible loss of principal. RHC is not a member of FINRA and accounts are not FDIC insured or protected by SIPC. RHY is not a member of FINRA, and products are not subject to SIPC protection, but funds held in the Robinhood Money spending account and Robinhood Money Cash Card account may be eligible for FDIC pass-through insurance (see 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.

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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). Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. The spending account is offered through Robinhood Money, LLC (“RHY”) (NMLS ID: 1990968), a licensed money transmitter. A list of our licenses has more information. The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard®. Mastercard and the circles design are registered trademarks of 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. Products offered by RHF are not FDIC insured and involve risk, including possible loss of principal. RHC is not a member of FINRA and accounts are not FDIC insured or protected by SIPC. RHY is not a member of FINRA, and products are not subject to SIPC protection, but funds held in the Robinhood Money spending account and Robinhood Money Cash Card account may be eligible for FDIC pass-through insurance (see 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.

© 2023 Robinhood. All rights reserved.