Year End IRA (Individual Retirement Account) Statements

If you own a Traditional IRA or a Roth IRA, your IRA Administrator must mail you atleast one year end statement every year. The deadline for this statement is usually January 31st, of the following year. Some of the year end statements you should receive include:

  • Fair Market Value (FMV) Statement
  • IRS Form 1099-R
  • IRS Form 1099-Q
  • Required Minimum Distribution (RMD) Form

Fair Market Value (FMV) Statement

The Fair Market Value Statement, as the name implies, will tell you the fair market value balance of your IRA assets as of December 31st, of the previous year. The Fair Market Value Statement will also calculate your Minimum Required IRA Distributions (RMD) that you must take out. This statement will also include a note that the fair market value of your investments will be reported to the IRS for tax purposes.

Required Minimum Distribution Notice

If at any year you reach the age of 70 and 1/2 and above, you will receive a Minimum Required IRA Distributions notice from your IRA Administrator. For example, if you turned 70 and 1/2 in the year 2004, you will receive this notice by a maximum date of January 31st, 2004. This notice will tell you exactly how much of required distributions you must take out.

IRS Form 1099-R

IRS Form 1099-R reports any distributions over $10 from any pension plans, Individual Retirement Account (IRAs), 403b plans, annuities, etc. Any IRA Re-Characterizations (change from a Roth IRA back to a Traditional IRA) will also be reported on this form.

All the above IRA year end statements are for your record keeping purposes only and should not be attached to your tax return.

IRS Form 1099-Q

IRS Form 1099-Q is used to inform you of all distributions taken out from Coverdell Education Savings Programs and other qualified tuition programs. Form 1099-Q is also used to inform of the Fair Market Value of the Education Saving Program.