Instructions For Forms 1099-R And 5498 - Distributions From Pensions, Annuities, Retirement Or Profit-Sharing Plans, Iras, Insurance Contracts, Etc. And Ira Contribution Information - Irs - 2017 Page 17
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23Guide 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 2017 and
None
2017.
recharacterized in 2017 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 2016.
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 2016 and
None
2016.
recharacterized in 2017 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 required
Specific Instructions for Form 5498
minimum distributions (RMDs) or other annuity or
!
File Form 5498, IRA Contribution Information, with the IRS
periodic payments have started.
CAUTION
by May 31, 2018, for each person for whom in 2017 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
An IRA includes all investments under one IRA plan. It
spouse.
is not necessary to file a Form 5498 for each investment
For contributions made between January 1 and April
under one plan. For example, if a participant has three
17, 2018, trustees and issuers should obtain the
certificates of deposit (CDs) under one IRA plan, only one
participant's designation of the year for which the
Form 5498 is required for all contributions and the fair
contributions are made.
market values (FMVs) of the CDs under the plan.
However, if a participant has established more than one
Direct rollovers, transfers, and recharacterizations.
IRA plan with the same trustee, a separate Form 5498
You must report the receipt of a direct rollover from a
must be filed for each plan.
qualified plan, section 403(b) plan, or governmental
section 457(b) plan to an IRA. Report a direct rollover in
Contributions. You must report contributions to any IRA
box 2. For information on direct rollovers of eligible
on Form 5498. See the instructions under boxes 1, 2, 3, 4,
rollover distributions, see Direct Rollovers, earlier.
8, 9, 10, 13a, and 14a, later. If no reportable contributions
If a rollover or trustee-to-trustee transfer is made from a
were made for 2017, complete only boxes 5 and 7, and
savings incentive match plan for employees (SIMPLE)
boxes 11, 12a, 12b, 15a, and 15b, if applicable. See
IRA to an IRA that is not a SIMPLE IRA and the trustee
Reporting FMV of certain specified assets, later.
has adequately substantiated information that the
-17-
Instructions for Forms 1099-R and 5498 (2017)
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