Answers to top 6 tax form questions

Know which tax forms you need—and why—and when to file them.

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Key takeaways

  • Fidelity provides tax form data online. 
  • If a tax form is delayed, it may be because Fidelity hasn't received the information needed to finalize the form. 
  • Just because you receive a 1099-R form doesn't mean you always owe taxes.

One of the keys to stress-free filing of your tax returns is having all of the documents you need on hand. Beyond helping you avoid a last-minute scramble, accurate and complete tax forms reduce the hassle of having to file an amended return down the road.

Keeping track of forms in your inbox or mailbox isn’t always easy. But the trick is knowing which forms to expect and from whom, and then what to do with them all.

Fidelity knows. We process millions of tax forms every year, so we have an idea of the questions taxpayers typically have. To help you get a good start on this year’s tax-return filing, here are answers to 6 of the most common questions we hear.

1. When will I receive my Fidelity tax forms?

You can see how many and which forms you’ll receive, as well as when they will be ready, by logging in to Tax Forms on Fidelity.com or on the Fidelity Mobile app. A few things to keep in mind:

  • Forms 5498 and 1099-R and other retirement account–related forms were online as of January 20.
  • Forms 1099 for dividends, interest, and capital gains related to non-retirement individual, joint, UTMA/UGMA, and trust mutual fund brokerage accounts should be available online by January 27. There are exceptions, however. A Form 1099 might not be available until after February 15 if an issuer has not yet finalized tax information. In those cases, Fidelity obtains an extension for the IRS deadline to ensure that the information on the Fidelity 1099 form is accurate, which helps mitigate the need for corrections or amended tax returns.

If you need duplicate statements or tax forms, the fastest way to get them is to print them out from Tax Forms.

2. What's new this tax season?

This year, we made some changes to your tax experience. Now you can view tax forms for the accounts on which you are an authorized user.

If you’re an authorized user with either Power of Attorney, Full Authority, Limited Authority, or Inquiry Access on someone else's account, you’re now able to view those tax forms. They will be listed on your Tax Forms page separate from your personal forms. 

To learn more, read: Authorize others to access your accounts

Form 5498 for IRA contributions or if you own an IRA and are 70½ or older 

If you've contributed to a Fidelity IRA or are of RMD age (70½), you will receive a Form 5498 in January. If you choose to make a 2017 contribution in 2018, between January 1 and April 17, you’ll receive a corrected 5498 form on the Tax Forms page by May 9. Yes, that’s after the tax-filing deadline, but that’s OK. The IRS doesn’t require you to send in a copy of Form 5498 with your tax return. The form is for your records and to let you know what Fidelity is reporting to the IRS. 

If you’re looking for fair market value, it can be found on your December statement. Fair market value refers to the December ending account balance on a retirement account. 

1099 Supplemental is online only 

This year, the 1099 Supplemental Form will be available only online as part of the Consolidated 1099 Form. Log in to view your available Tax Forms. If you have a Stock Plan Services Account, you will still receive a 1099 Supplemental Form.

3. What if I haven’t received a form I think I should have?

More time to file 2017 returns

The federal filing deadline for 2017 tax returns is Tuesday, April 17, 2018 for all taxpayers, due to a federal holiday.

Starting this year, if we don’t have all the information necessary to finalize your form, we’ll let you know which securities are causing the delay.

If you have not received your Form 1099, you may be able to view a preliminary version of it by logging into Tax Forms. This allows you to get a clearer, though not final, picture of your taxable income for the year. This can be especially helpful for families of students applying for financial aid.

Keep in mind that the information on the final form could change. So, if you use the information to file your return, you might have to file an amended return.

If you signed up for electronic delivery (eDelivery), you will receive a notice that the forms are available online. If you forgot whether you have signed up for eDelivery, or missed the notice, view your Tax Forms.

4. What forms will I receive regarding my IRA contributions?

You can contribute to a traditional or Roth IRA right up to the tax-filing deadline. And if you qualify, a contribution to a traditional IRA can lower your taxes.

If you have an existing Fidelity IRA, you should have received Form 5498 by January 15. If you choose to make a 2017 contribution in 2018, you’ll receive a corrected 5498 form in May.

Simply add your additional contribution to the contribution total on the original 5498 for 2017 you received in January, and report that number on your tax return. When you receive the corrected 5498 for 2017 in May, confirm that what you reported was correct and file the form with your records.

5. What forms will I receive if I rolled over a 401(k), 403(b), or other workplace savings plan to an IRA?

Look for Form 1099-R from your 401(k) or 403(b) plan provider. This is the form the IRS requires employer-sponsored retirement plans to use to report direct rollovers. Just because you receive a 1099-R form, however, does not mean that you owe tax on the amount.

In the case of a direct rollover, you will also receive a Form 5498 from Fidelity. It notifies the IRS that you contributed that amount into an IRA, which means your money will remain untaxed until you withdraw it.

To learn more, read: Rolling over an old 401(k) to Fidelity

6. What happens if I roll over IRA savings from another firm to Fidelity?

If you did a direct transfer between trustees (the formal name for financial providers), as Fidelity recommends, you shouldn’t receive a 1099-R from the previous trustee. To put it simply, if you didn’t get a check, then you won’t get a tax form.

However, if you did receive a check from the previous trustee and sent the money to Fidelity within 60 days, you will receive a 1099-R, even though the transfer isn’t a taxable event. If you waited longer than 60 days, you will probably owe taxes on the transferred amount, depending on the nature of your IRA assets.

To learn more, read: IRA transfer: Move your IRA to Fidelity

Answers to additional questions

You can find answers to most of your questions regarding Fidelity tax forms, as well as questions on everything from third-party tax preparation software to cost basis calculations with our Virtual Assistant

Next steps to consider

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