SIMPLE TAX REPORTING GUIDE - m Trust Company · RECIPIENT’S TIN City or town, state or province,...
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The material in this infographic is presented for informational purposes only. The information presented is not investment, legal, tax or compliance advice. Millennium Trust Company performs the duties of a directed custodian, and as such does not sell investments or provide investment, legal, or tax advice. The Millennium Trust Company logo is a registered trademark of Millennium Trust Company ® , LLC in the United States. Due to the rollover into an IRA at Millennium Trust, you will receive various tax forms and account statements in January and May of 2020. TAX FORMS AND ANNUAL STATEMENT REPORTING Reported by Millennium Trust Box 1 shows the amount automatically rolled over from the plan. Box 2a shows $ 0 since the amount was rolled over into an IRA at Millennium Trust. Box 7 indicates if the funds were rolled over from a traditional (G) or Roth (H) 401(k) plan. The amount shown in box 2a would be reported on your tax return. Reported by your Former Retirement Plan Sample IRS Form 1099-R For accounts established in 2019, the annual account statement shows the amount rolled over from your retirement plan under "Contributions/Rollovers." This is the same value that is displayed in box 1 of the 1099-R from your former retirement plan. If you took a distribution from the Millennium IRA, you receive another 1099-R. Box 1 shows the amount distributed from the Millennium Trust IRA. Box 2a shows the taxable amount distributed from the IRA. The amount shown in box 2a would be reported on your tax return. Millennium Trust will issue a tax form 5498 in May showing the amount rolled over from your former employer’s retirement plan (Box 1 on 1099-R) to the Millennium Trust IRA. You do not need to report the amount shown on form 5498 on your tax return. This form simply confirms to the IRS that funds moved directly from your former employer’s retirement plan into your IRA 405.25 405.25 SIMPLE TAX REPORTING GUIDE FOR YOUR ROLLOVER IRA When your account was rolled out of your previous company’s retirement plan to Millennium Trust, it kicked off a series of tax reporting requirements by the IRS. Since this process can be confusing, we’ve laid out a simple guide to help you understand the tax reporting implications. You contributed to a retirement plan such as a 401(k) with your Previous Employer Funds transferred to Millennium Trust and an account is opened on your behalf Our goal is to reconnect you with your retirement funds You left the company, but did not provide direction for funds Reasons for Rollovers Common reasons for automatic rollovers: The retirement plan sponsor directed the rollover in accordance with government regulations HOW DID MY MONEY GET HERE? < $5000 401(k) balance Address is Outdated ? Check is Uncashed $ + 401(k) Plan is Terminated Account Statement Activity Beginning Market Value Contributions/Rollovers Income Transfers In/Out Distributions Account Fees/Expenses Taxes Paid Other Activity Ending Balance Market Value $0 $500.00 $.25 $0.00 $405.25 $95.00 $0.00 $0.00 $0.00 Sample IRS Form 1099-R Sample Tax Form 5498 – Issued in May Form 1099-R 2019 Pe Pr OMB No. 1545-0119 1 Gross distribution $ 2a Taxable amount $ 2b Taxable amount not determined Total distribution 3 Capital gain (included in box 2a) $ 4 Federal income tax withheld $ 5 Employee contributions/ Designated Roth contributions or insurance premiums $ 6 Net unrealized appreciation in employer’s securities $ 7 Distribution code(s) IRA/ SEP/ SIMPLE 8 Other $ % 9b Total employee contributions 500.00 0 G Form 1099-R 2019 OMB No. 1545-0119 1 Gross distribution $ 2a Taxable amount $
Transcript of SIMPLE TAX REPORTING GUIDE - m Trust Company · RECIPIENT’S TIN City or town, state or province,...
The material in this infographic is presented for informational purposes only. The information presented is not investment, legal, tax or compliance advice. Millennium Trust Company performs the duties of a directed custodian, and as such does not sell investments or provide investment, legal, or tax advice. The Millennium Trust Company logo is a registered trademark of Millennium Trust Company®, LLC in the United States.
Due to the rollover into an IRA at Millennium Trust, you will receive various tax forms and account statements in January and May of 2020.
TAX FORMS AND ANNUAL STATEMENT REPORTING
Reported by Millennium Trust
Box 1 shows the amount automatically rolled over from the plan.
Box 2a shows $0 since the amount was rolled over into an IRA at Millennium Trust.
Box 7 indicates if the funds were rolled over from a traditional (G) or Roth (H) 401(k) plan.The amount shown in box 2a would be reported on your tax return.
Reported by your Former Retirement Plan
Sample IRS Form 1099-R
For accounts established in 2019, the annual account statement shows the amount rolled over from your retirement plan under "Contributions/Rollovers." This is the same value that is displayed in box 1 of the 1099-R from your former retirement plan.
If you took a distribution from the Millennium IRA, you receive another 1099-R.
Box 1 shows the amount distributed from the Millennium Trust IRA.
Box 2a shows the taxable amount distributed from the IRA.
The amount shown in box 2a would be reported on your tax return.
Millennium Trust will issue a tax form 5498 in May showing the amount rolled over from your former employer’s retirement plan (Box 1 on 1099-R) to the Millennium Trust IRA.
You do not need to report the amount shown on form 5498 on your tax return.
This form simply con�rms to the IRS that funds moved directly from your former employer’s retirement plan into your IRA
405.25
405.25
SIMPLE TAX REPORTING GUIDE FOR YOUR ROLLOVER IRA When your account was rolled out of your previous company’s retirement plan to Millennium Trust, it kicked off a series of tax reporting requirements by the IRS. Since this process can be confusing, we’ve laid out a simple guide to help you understand the tax reporting implications.
You contributed to a retirement plan such as a 401(k) with your Previous Employer
Funds transferred to Millennium Trust and an account is opened on your behalf
Our goal is to reconnect you with your retirement funds
You left the company, but didnot provide direction for funds
Reasons for Rollovers Common reasons for automatic rollovers:
The retirement plan sponsordirected the rollover in accordancewith government regulations
HOW DID MY MONEY GET HERE?
<$5000401(k) balance Address is Outdated
?
Check is Uncashed
$
+ 401(k)
Plan is Terminated
Account Statement
ActivityBeginning Market Value
Contributions/Rollovers
Income
Transfers In/Out
Distributions
Account Fees/Expenses
Taxes Paid
Other Activity
Ending Balance
Market Value$0
$500.00
$.25
$0.00
$405.25
$95.00
$0.00
$0.00
$0.00
Sample IRS Form 1099-R
Sample Tax Form 5498 – Issued in May
Form 1099-R
2019Distributions From
Pensions, Annuities,Retirement or
Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
Copy 1 For
State, City, or Local
Tax Department
Department of the Treasury - Internal Revenue Service
OMB No. 1545-0119VOID CORRECTED
PAYER’S name, street address, city or town, state or province, country, ZIP or foreign postal code, and phone no.
RECIPIENT’S TIN
City or town, state or province, country, and ZIP or foreign postal code
1st year of desig. Roth contrib.
FATCA filing requirement
Date of payment
1 Gross distribution
$2a Taxable amount
$2b Taxable amount
not determinedTotal distribution
3 Capital gain (included in box 2a)
$
4 Federal income tax withheld
$5 Employee contributions/
Designated Roth contributions or insurance premiums
$
6 Net unrealized appreciation in employer’s securities
$7 Distribution code(s)
IRA/ SEP/
SIMPLE
8 Other
$ %9a Your percentage of total
distribution %9b Total employee contributions
$12 State tax withheld$$
13 State/Payer’s state no. 14 State distribution$$
15 Local tax withheld$$
16 Name of locality 17 Local distribution$$
www.irs.gov/Form1099R
500.00
0
G
Form 1099-R
2019Distributions From
Pensions, Annuities,Retirement or
Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
Copy 1 For
State, City, or Local
Tax Department
OMB No. 1545-0119VOID CORRECTED
PAYER’S name, street address, city or town, state or province, country, ZIP or foreign postal code, and phone no.
RECIPIENT’S TIN
1 Gross distribution
$2a Taxable amount
$2b Taxable amount
not determinedTotal distribution
3 Capital gain (included in box 2a)
$
4 Federal income tax withheld
$5 Employee contributions/
Designated Roth contributions or insurance premiums
$
6 Net unrealized appreciation in employer’s securities
$7 Distribution code(s)
IRA/ SEP/
8 Other
El material presentado en esta infografía es solamente con el proposito informativo. La información presentada no son consejos sobreinversiones, legal, impuestos o conformidad. Millennium Trust Company realiza las tareas de un custodiante directo, y como tal no vendeinversiones, o da asesoría de inversiones, legal o sobre impuestos.El logo de Millennium Trust Company es una marca registrada de Millennium Trust Company®, LLC en los Estados Unidos.
Debido a la reinversión a una IRA con Millennium Trust, va a recibir varias formas para su declaración de impuestos y estado de cuenta en Enero y Mayo del 2020.
FORMAS DE IMPUESTOS Y ESTADO DE CUENTA ANUAL
Reportado por Millennium Trust
Caja 1 enseña la cantidad trasladada del plan anterior.
Caja 2a enseña $0 porque la cantidad fue trasladada a una IRA con Millennium Trust.
Caja 7 indica si los fondos fueron transladados de un plan 401(k) tradicional (G) o un ROTH (H).
La Cantidad en la caja 2a seria la cantidad reportada en sus impuestos.
Reportado por su plan de jubilación anterior
Sample IRS Form 1099-R
Para cuentas establecidas en el 2019, el estado de cuenta anual enseña la cantidad trasladada de su plan de jubilación bajo "Contributions/Rollovers." Esta es la misma cantidad en la caja 1 del 1099-R de su plan anterior.
Si tomo una distribución de su IRA con Millennium Trust va recibir otro 1099-R.
Caja 1 enseña la cantidad distribuida de la IRA con Millennium Trust IRA.
Caja 2a enseña la cantidad imponible de su distribución de la IRA.
La Cantidad en la caja 2a seria la cantidad reportada en sus impuestos.
Millennium Trust emitirá una forma 5498 en Mayo enseñando la cantidad transferida de su plan de jubilación anterior (Caja 1 en el 1099-R) a la IRA con Millennium Trust IRA No ahí necesitad reportar la cantidad que enseña en el 5498 en su declaración de impuestos.
Esta forma simplemente le con�rma al IRS que los fondos se movieron de su plan anterior a su IRA.
405.25
405.25
UNA SIMPLE GUÍA SOBRE SUS FORMAS DE IMPUESTOS PARA SU IRA Cuando su plan de jubilación con su empresa anterior fuetrasladado a Millennium Trust, inicio una serie de reportes para su declaración de impuestos requeridos por el IRS. Como el proceso puede ser confuso, le hemos hecho una guía para ayudarle entender las implicaciones que tiene para su declaración de impuestos.
Usted hizo contribuciones a unplan de retiros como un 401(k)con su Empleador Anterior
Fondos se trasladaron a Millennium Trust y una cuentafue abierta en su nombre
Nuestro objetivo es reconectarlo a sus fondos
Se fue de la compania, perono les aviso que hacer con susfondos
Razones para TrasladosRazones comunes para traslados automáticos:
El patrocinador del plan de retirodirigió el traslado de acuerdo conlas regulaciones gubernamentales
COMO LLEGO MI DINERO AQUI?
<$5000Balance de 401(k) Dirección postal
desactualizada
?
Cheque nofue cobrado
$
+ 401(k)
El plan fue terminado
Estado de Cuenta
ActivityBeginning Market Value
Contributions/Rollovers
Income
Transfers In/Out
Distributions
Account Fees/Expenses
Taxes Paid
Other Activity
Ending Balance
Market Value$0
$500.00
$.25
$0.00
$405.25
$95.00
$0.00
$0.00
$0.00
Sample IRS Form 1099-R
Sample Tax Form 5498 – Emetida en Mayo
Form 1099-R
2019Distributions From
Pensions, Annuities,Retirement or
Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
Copy 1 For
State, City, or Local
Tax Department
Department of the Treasury - Internal Revenue Service
OMB No. 1545-0119VOID CORRECTED
PAYER’S name, street address, city or town, state or province, country, ZIP or foreign postal code, and phone no.
RECIPIENT’S TIN
City or town, state or province, country, and ZIP or foreign postal code
1st year of desig. Roth contrib.
FATCA filing requirement
Date of payment
1 Gross distribution
$2a Taxable amount
$2b Taxable amount
not determinedTotal distribution
3 Capital gain (included in box 2a)
$
4 Federal income tax withheld
$5 Employee contributions/
Designated Roth contributions or insurance premiums
$
6 Net unrealized appreciation in employer’s securities
$7 Distribution code(s)
IRA/ SEP/
SIMPLE
8 Other
$ %9a Your percentage of total
distribution %9b Total employee contributions
$12 State tax withheld$$
13 State/Payer’s state no. 14 State distribution$$
15 Local tax withheld$$
16 Name of locality 17 Local distribution$$
www.irs.gov/Form1099R
500.00
0
G
Form 1099-R
2019Distributions From
Pensions, Annuities,Retirement or
Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
Copy 1 For
State, City, or Local
Tax Department
OMB No. 1545-0119VOID CORRECTED
PAYER’S name, street address, city or town, state or province, country, ZIP or foreign postal code, and phone no.
RECIPIENT’S TIN
1 Gross distribution
$2a Taxable amount
$2b Taxable amount
not determinedTotal distribution
3 Capital gain (included in box 2a)
$
4 Federal income tax withheld
$5 Employee contributions/
Designated Roth contributions or insurance premiums
$
Net unrealized appreciation in employer’s securities
$7 Distribution code(s)
IRA/ SEP/
8 Other
