I received a 1099-INT and 1099-DIV from my IRA. I do not take any money from my IRA at this stage of my life. All interest and dividends are left in/reinvested. Do I need to report the 1099-INT and 1099-DIV on my Federal Income Tax?
No, you do not report Interest or dividends received within an IRA on your Federal Income Tax.
When you withdraw money from an IRA you will receive a Form 1099-R that will include all the money that's taxable.
Thank you for this anwer. I have a TD IRA 5 year fixed rate CD,the bank send me a summary information paper and on bottom it say's summary for tax year 2021, but this is not a 1099-r or INT form form the bank. all it say's is (RTMT IRA PLAN) (TD IRA 5 Year Fixed Rate CD)! Contributions 0.00 , year-to- date ira withholding 0.00 , year- to date interst 272.40 , Distributions 0.00 , year to date state withholding 0.00! so for what i understand the reason i didn't recieve a 1099-r - or a int is because for this time know need to report yet is this right! unit i withdrawe or cash in correct?
Thank you for any more informtion you may i on this. please let me know Email is [email address removed]
Yes, you are correct. There is nothing to report unless there is a withdrawal and then when that occurs the tax document you will receive is a Form 1099-R.