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.
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.
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.
The following key information is included on a Form 1099-R:
The following key information is included on Form 5498:
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 U.S. 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.
Yes. Per IRS rules, we’re required to report Forms 1099-R and 5498.
The IRS instructions for Forms 1099-R and 5498 have more details.