Icon Savings Plan — Tax Information (Tax Year 2025)
Q: Will my Icon contributions show on my W-2?
No. Contributions made through Icon are contributions to an individual IRA in your own name. Because this is not an employer-sponsored retirement plan, IRA contributions made through Icon do not appear on your W-2.
Q: How should I report my Icon contributions on my individual tax return?
Your total contribution amount for Tax Year 2025 may generally be reported as an IRA contribution on your individual tax return and may reduce your Adjusted Gross Income, depending on your eligibility.
For 2025, the IRS contribution limits are:
$7,000 for individuals under age 50
$8,000 for individuals age 50 or older
The deadline to make a 2025 IRA contribution is April 15, 2026 (the tax filing deadline, excluding extensions).
The IRS covers the deduction amounts available for 2025 in their deduction limits publication. Even though you may have been invited to your plan by your employer, Icon is not considered a "retirement plan at work" by the IRS because it is a payroll deduct IRA.
Q: Where can I see my total contributions for the year?
Your most recent account statement will show your year-to-date contribution totals.
You can access your statements by logging into your Icon account and navigating to Documents > Statements. IRA contribution amounts appear in the Retirement Account Information section of your statement.
1. Log in to your account at https://my.iconsavingsplan.com/login
2. Navigate to the Contributions section under your user menu on the top left:
3. On the Contributions page, you can view your progress for the current year in the bottom section:
Note: If you do not see any dollar amount under "2025" then you did not have any contributions for 2025.
Q: What tax forms will I receive and when?
Tax forms are issued only if you had reportable activity during the year. Below are the scheduled delivery dates for Tax Year 2026 ).
1099-R / 1099-Q – IRA and education account distributions
Consolidated 1099 (includes 1099-B, 1099-DIV, 1099-INT, 1099-MISC)
Puerto Rico 480.6 Series (for Puerto Rico residents only)
1042-S – U.S. source income for non-U.S. persons
1099-REMIC / WHFIT – REMIC and fixed investment trust income
Form 2439 – Undistributed capital gains
5498 / 5498-ESA – IRA and education account contributions (issued by May 31, 2026)
Corrected tax forms may be issued after initial delivery due to issuer income reclassifications.
Q: Where will I receive my tax forms?
Most tax forms will be available electronically in your account under Documents > Statements.
You may also receive email notifications from:
Form 2439 may be delivered separately.
Q: Who will receive a Consolidated 1099?
You will receive a Consolidated 1099 if:
You are a U.S. citizen or legal resident and
You had reportable tax activity during the year
Some exempt recipients may also receive a Consolidated 1099 if backup withholding occurred.
If you only made IRA contributions and had no other activity, you may not receive a 1099.
Tax forms are not issued if IRS reporting thresholds (de minimis amounts) are not met.
Additional information about these forms and related topics can be found on the IRS website under General Instructions for Information Returns.
Q: Why didn’t I receive a 1099?
A tax form will not be issued if reportable activity did not exceed IRS thresholds, including:
$10 for dividends or interest
$20 for cash-in-lieu
$600 for miscellaneous income
Accounts held by C-Corporations do not receive 1099s.
Q: What is reported on the different tax forms?
1099-B
Sales or redemptions of securities, futures transactions, commodities, options and barter exchange transactions.
All sales of full shares regardless of amount will be reported on a Form 1099-B. Fractional shares may be subject to a de minimis reporting if under $20.00.
A Form 1099-B will be filed for any person for whom Icon withheld any federal tax under the backup withholding rules regardless of the amount.
Note: For non-covered securities, the cost basis information provided on your customers’ 1099-B is for informational purposes only and is not reported to the IRS. Your customers will be responsible for providing this information when they file their returns.
Instructions: https://www.irs.gov/forms-pubs/about-form-1099-b
1099-DIV
Distributions such as dividends, capital gain distributions, or nontaxable distributions, that were paid on stock and liquidation distributions.
Only amounts of $10.00 or more for distributions paid on stock, or $600 or more for liquidations are required to be reported on the form.
Instructions are available at https://www.irs.gov/pub/irs-dft/i1099div--dft.pdf
1099-OID | REMIC
Original Issue Discount (OID) is the excess of an obligation's stated redemption price at maturity over its issue price (acquisition price for a stripped bond or coupon).
File Form 1099-OID if the total daily portions of OID for a holder is at least $10.00 and you are any of the following:
An issuer with any bond outstanding or other evidence of indebtedness in registered or bearer form issued with OID;
An issuer of a certificate of deposit (CD) made, purchased, or renewed after 1970 if the CD has OID and a term of more than 1 year.
A financial institution having other deposit arrangements, such as time deposits or bonus-savings plans, if the arrangements have OID and a term of more than 1 year.
A broker or other middleman holding an OID obligation, including CDs, as nominee for the actual owner.
A trustee or middleman of a Widely Held Fixed Investment Trust (WHFIT) or widely held mortgage trust (WHMT).
A Real Estate Mortgage Investment Conduit (REMIC), a holder of an ownership interest in a financial asset securitization investment trust (FASIT), or an issuer of a collateralized debt obligation (CDO).
Instructions: https://www.irs.gov/pub/irs-pdf/i1099int.pdf
1099-INT
File Form 1099-INT for the following:
All interest income that is not already reported on other forms will be reported here.
Amounts $10.00 or more are reported in boxes 1, 3 and 8.
Instructions: https://www.irs.gov/pub/irs-pdf/i1099int.pdf
1099-MISC
File Form 1099-MISC for the following:
At least $10.00 in royalty payments, broker payments, in lieu of dividends or
At least $600.00 in miscellaneous income.
Instructions: https://www.irs.gov/pub/irs-pdf/i1099mec.pdf
1099-R
Used to report distributions of $10.00 or more from retirement or profit-sharing plans, any IRA, insurance contracts, and IRA re-characterizations (including payments reported pursuant to an election described in Regulations section 1.1471-4(d)(5)(i)(B) or reported as described in Regulations section 1.1471-4(d)(2)(iii)(A)).
Instructions: https://www.irs.gov/pub/irs-pdf/i1099r.pdf
2439
Form 2439 is used to report undistributed long-term capital gains to shareholders of regulated investment company (RIC) or real estate investment trusts (REIT)
Instructions: provided on form, https://www.irs.gov/pub/irs-pdf/f2439.pdf
5498
Used to report retirement plan contributions (including rollover contributions) to any individual retirement arrangement, including a SEP, SIMPLE, and Roth IRA; Roth conversions; IRA re-characterizations; and the fair market value of the account.
Instructions: https://www.irs.gov/pub/irs-pdf/i1099r.pdf
What's new for 2025
IRS Notice 2020-62 contains the two model notices that may be provided to recipients of eligible rollover distributions to satisfy the notice requirements under section 402(f).
Payments from qualified plans to state unclaimed property funds under escheat laws must be reported on Form 1099-R starting in Tax Year 2025.
For additional details see IRS Instructions for Forms 1099-R and recipients Before Eligible Rollover Distributions (Section 402(f) Notice), page 5.
1099-Q
Used to report distributions from qualified education programs (under Sections 529 and 530).
Form 1099-Q and these instructions have been converted from an annual revision to continuous use. Both the form and instructions will be updated as needed. For the most recent version, go to IRS.gov/Form1099Q.
Instructions: https://www.irs.gov/instructions/i1099q
5498-ESA
Used to report contributions made to Coverdell education savings account (ESA). For more information about Coverdell ESAs, see IRS Publication 970.
Instructions: https://www.irs.gov/instructions/i5498e
1042-S
Used to report income and withholding from U.S. sources paid to foreign persons (including persons presumed to be foreign) or included in a U.S. payee pool that are reportable under chapters 3 and 4.
Amounts subject to reporting are amounts from sources within the United States that constitute (a) fixed or determinable annual or periodical (FDAP) income (including deposit interest); (b) certain gains from the disposal of timber, coal, or domestic iron ore with a retained economic interest; and (c) gains relating to contingent payments received from the sale or exchange of patents, copyrights, and similar intangible property.
Instructions: https://www.irs.gov/pub/irs-pdf/i1042s.pdf
Q: What is backup withholding?
Backup withholding is required by the IRS when certain taxpayer identification issues exist.
The current backup withholding rate is 24% and must be reported regardless of amount.
Q: What happens if my tax form is corrected?
Corrected tax forms may be issued due to issuer income reclassifications (commonly involving mutual funds, REITs, REMICs, or WHFITs).
For Tax Year 2025, corrected Consolidated 1099s will include a summary of changes, showing the prior value, updated value, and the difference.
Q: Where can I find additional tax information?
All tax forms and instructions are available at www.irs.gov.