Individual, Joint, Joint
Ten. in common... are some of the basic accounts.
If these accounts incur any transactions that are
taxable the accounts send out a Consolidated 1099
summary of taxable dividends, interest, income and sales
proceeds.
Education IRA - It let you contribute
tax deferred money for educational purpose. This
type of account sends a 5498 reporting contributions to
the account.
Traditional IRA - Let you
invest for retirement, tax-deferred.
Withdrawals of deductible contributions are taxed as
income but since income is usually less once you retire,
you're taxed at a lower rate. Income and age
limits apply. This accounts generate a 1099-R
which reports all distributions from retirement plan
accounts
Roth IRA - Contributions are
non-deductible, but withdrawals are tax free when taken
after age 59 1/2, if the account has been open 5
years. Eligibility requirements apply.
Rollover IRA - Allow you to move
assets directly from an employer retirement plan such as
a 401(k) and avoid certain taxes and withholdings for
which you might otherwise be liable for if deposited in
any other type of account... Rollover IRA account,
SEP and SIMPLE IRA's and any contributions made by an
employer will generate a 5498.
If
by any chance you are a foreign investor your account
will generate a 1042-S which report dividends,
interest, and non-resident alien taxes withheld
for foreign investors.
REMIC
statements - Report on interest earned by Collateralized
Mortgage Obligations (CMO's) and Real Estate Mortgage Investment
Conduits (REMICs).
K-1
- Reports any income or loss on a limited
partnership. The form is sent by the limited partnership
2439
- Reports undistributed long term capital gains.
Does not apply to retirement accounts.
Also
note that these statement can be requested or accessed
from your internet account and they may be generated at
different month of the year.
