I received a 1099 INT for interest on a SEP IRA. I did not withdraw but reinvested. Do I need to claim as Interest ORis it deferred until withdraw it?

iwansue · ‎June 4, 2019

MinhT · ‎June 4, 2019

All earnings (interest and dividends) on a qualified retirement account such as a SEP IRA are tax-deferred until they are distributed. You do not report this form 1099-INT on your tax return.

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iwansue · ‎June 4, 2019

should they have sent me a 1099 R and should I tell them? Should I be concerned this was reported to IRS on 1099 INT?

iwansue · ‎June 4, 2019

OR was it correct they sent the 1099 INT?

MinhT · ‎June 4, 2019

They are correct in sending you form 1099-INT. If the recipient of the interest is your SEP IRA account, the IRS knows that this is tax-deferred. You only receive a form 1099-R if you made a withdrawal from your SEP IRA account.

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iwansue · ‎June 4, 2019

thank you!

MinhT · ‎June 4, 2019

You're welcome!

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dmertz · ‎June 4, 2019

Under no circumstances should your SEP-IRA custodian be issuing to you a Form 1099-INT related to investments in a SEP-IRA account. I would question whether or not this account is actually a SEP-IRA. Contact the custodian of the account to investigate the error by the custodian.

I received a 1099 INT for interest on a SEP IRA. I did not withdraw but reinvested. Do I need to claim as Interest ORis it deferred until withdraw it?

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions