Instructions For Forms 1099-R And 5498 - Distributions From Pensions, Annuities, Retirement Or Profit-Sharing Plans, Iras, Insurance Contracts, Etc. And Ira Contribution Information - 2016 Page 18
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24Guide to Distribution Codes
*Used with code ...(if
Distribution Codes
Explanations
applicable)
L—Loans treated as deemed distributions under
Do not use Code L to report a loan offset. See Loans Treated as Distributions,
1, 4, or B
section 72(p).
earlier.
N—Recharacterized IRA contribution made for
Use Code N for a recharacterization of an IRA contribution made for 2016 and
None
2016.
recharacterized in 2016 to another type of IRA by a trustee-to-trustee transfer or
with the same trustee.
P—Excess contributions plus earnings/excess
See the explanation for Code 8. The IRS suggests that anyone using Code P for
1, 2, 4, B, or J
deferrals taxable in 2015.
the refund of an IRA contribution under section 408(d)(4), including excess Roth
IRA contributions, advise payees, at the time the distribution is made, that the
earnings are taxable in the year in which the contributions were made.
Q—Qualified distribution from a Roth IRA.
Use Code Q for a distribution from a Roth IRA if you know that the participant
None
meets the 5-year holding period and:
1
The participant has reached age 59
,
2
The participant died, or
The participant is disabled.
Note: If any other code, such as 8 or P, applies, use Code J.
R—Recharacterized IRA contribution made for
Use Code R for a recharacterization of an IRA contribution made for 2015 and
None
2015.
recharacterized in 2016 to another type of IRA by a trustee-to-trustee transfer or
with the same trustee.
S—Early distribution from a SIMPLE IRA in the
Use Code S only if the distribution is from a SIMPLE IRA in the first 2 years, the
None
1
first 2 years, no known exception.
employee/taxpayer has not reached age 59
, and none of the exceptions under
2
section 72(t) is known to apply when the distribution is made. The 2-year period
begins on the day contributions are first deposited in the individual's SIMPLE IRA.
Do not use Code S if Code 3 or 4 applies.
T—Roth IRA distribution, exception applies.
Use Code T for a distribution from a Roth IRA if you do not know if the 5-year
None
holding period has been met but:
1
The participant has reached age 59
,
2
The participant died, or
The participant is disabled.
Note: If any other code, such as 8 or P, applies, use Code J.
U—Dividends distributed from an ESOP under
Use Code U for a distribution of dividends from an employee stock ownership
B
section 404(k).
plan (ESOP) under section 404(k). These are not eligible rollover distributions.
Note: Do not report dividends paid by the corporation directly to plan participants
or their beneficiaries. Continue to report those dividends on Form 1099-DIV.
W—Charges or payments for purchasing qualified
Use Code W for charges or payments for purchasing qualified long-term care
6
long-term care insurance contracts under
insurance contracts under combined arrangements which are excludable under
combined arrangements.
section 72(e)(11) against the cash value of an annuity contract or the cash
surrender value of a life insurance contract.
*See the first Caution for box 7 instructions, earlier.
You are required to file Form 5498 even if
Specific Instructions for Form 5498
required minimum distributions (RMDs) or other
!
annuity or periodic payments have started.
File Form 5498, IRA Contribution Information, with the IRS
CAUTION
by May 31, 2017, for each person for whom in 2016 you
Report contributions to a Kay Bailey Hutchison Spousal
maintained any individual retirement arrangement (IRA),
IRA under section 219(c) on a separate Form 5498 using
including a deemed IRA under section 408(q).
the name and taxpayer identification number (TIN) of the
spouse.
An IRA includes all investments under one IRA plan. It
For contributions made between January 1 and April
is not necessary to file a Form 5498 for each investment
18, 2017, trustees and issuers should obtain the
under one plan. For example, if a participant has three
participant's designation of the year for which the
certificates of deposit (CDs) under one IRA plan, only one
contributions are made.
Form 5498 is required for all contributions and the fair
market values (FMVs) of the CDs under the plan.
Direct rollovers, transfers, and recharacterizations.
However, if a participant has established more than one
You must report the receipt of a direct rollover from a
IRA plan with the same trustee, a separate Form 5498
qualified plan, section 403(b) plan, or governmental
must be filed for each plan.
section 457(b) plan to an IRA. Report a direct rollover in
box 2.
Contributions. You must report contributions to any IRA
on Form 5498. See the instructions under boxes 1, 2, 3, 4,
If you receive a direct rollover to a qualified plan, a
8, 9, 10, 13a, and 14a, later. If no reportable contributions
section 403(b) plan, or a governmental section 457(b)
were made for 2016, complete only boxes 5 and 7, and
plan, no report is required. For information on direct
boxes 11, 12a, 12b, 15a, and 15b, if applicable. See
Reporting FMV of certain specified assets, later.
-18-
Instructions for Forms 1099-R and 5498 (2016)
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