1099 div with ira

Forum|Forum|5 years ago
February 13, 2021
2 replies
33 views

hi, I am drawing social security, & I have traditional and Roth IRA's I am not drawing any money out. my broker is preparing 1099's div & int's for them. do i need to report these as income, even tho i am not drawing anything out of the IRA's? thx

Not A Product Question

Best answer by Bsch4477

If the income was generated within the retirement accounts and you had no withdrawals you would not have to report that information.

Bsch4477

Answer

Level 15

If the income was generated within the retirement accounts and you had no withdrawals you would not have to report that information.

Questionasker

Level 5

Would it be correct to understand that a 1099 or 1099-DIV should not be issued by a corporation if the distribution is being made in a Roth IRA account, and therefore should have no tax consequences? The reason I ask is that a corporation is asking for a W-9 related to a distribution they will make into my self directed Roth IRA account. I guess they can require the W-9 but don't think they should issue any 1099 or 1099-DIV to that account at year end. True?

Critter-3

Level 15

They can require you to fill in the W-9 so they know if a 1099 needs to be issued ... READ the form to fill it in correctly ... https://www.irs.gov/forms-pubs/about-form-w-9

dmertz

Level 15

If your investments are in retirement accounts, the broker should not be preparing any Forms 1099-DIV and 1099-INT related to those investments. If you receive any of these, ask the broker for an explanation. If the broker files them indicating you as the recipient, failing to include these on the tax return would result in the IRS issuing to you a notice of underreported income.

frlejo8306Author

Level 2

as it turns out, the income was generated in any IRA. it is in a joint account with me & my wife, so it is taxable

AmyC

Level 15

I am not sure I completely understand but agree that the end result is a joint account will produce taxable forms.

You are not allowed to have a joint IRA account.
If the money is coming from a joint account, it will not be retirement related and you do need to report the dividends and interest. A brokerage will not create forms you don't need, normally.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"