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lupo0
Level 1
January 14, 2024
Solved

IRA distribution

retired and currently getting monthly IRA distributions which include reinvested dividends.  We are withholding State and Fed taxes.  Will we still need to pay additional tax on the dividends (will we get 1099-R and 1099-Div forms?

rjs
rjsAnswer
Level 15
January 14, 2024

You will not get a separate 1099-DIV for the dividends because the dividends are paid into the IRA. They are not paid directly to you. The 1099-R will show the full amount of the distributions that you received, and you will pay tax on that amount. (The taxable amount might be reduced if you made nondeductible contributions to the IRA.)

 

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rjs
Level 15
rjsLevel 15Answer
Level 15
January 14, 2024

You will not get a separate 1099-DIV for the dividends because the dividends are paid into the IRA. They are not paid directly to you. The 1099-R will show the full amount of the distributions that you received, and you will pay tax on that amount. (The taxable amount might be reduced if you made nondeductible contributions to the IRA.)

 

    VolvoGirl
    VolvoGirl
    Level 15
    January 14, 2024

    No.  You only get and report the 1099R.  You don't report Dividends, interest or buys and sells in IRA accounts.  

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