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Tax Form FAQs

2022 Tax Forms 1099 W2 5498

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Written by Sasha Mace
Updated over a week ago

Q: Will my Icon contributions show on my W2?

Your payroll or direct contributions are to an individual Traditional IRA that is already in your name. W2 retirement income reporting does not apply for this plan type and will not show on your W2.

Q: How should I report my Icon contributions on my individual taxes?

Your total 2022 contribution amount to your Traditional IRA can generally be entered into your taxes as an IRA contribution which will modify your Adjusted Gross Income for the period.

The IRS covers the deduction amounts available for 2022 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 2022?

Your most recent statement will contain your annual contribution totals. You can download your Jan 30th 2023 statement in the Icon portal anytime. Please note that any re-characterization changes you make will take effect on a subsequent statement.

  1. Log in to your account at https://my.iconsavingsplan.com/login

  2. Navigate to the Documents section under your user menu on the top right:

  3. Download your Jan 30th (or most recent) 2023 statement in the Statements list by hitting the down arrow icon on the right:

  4. Open your statement in your system PDF viewer and go to Page 4 (approximately). You will see a section labelled Retirement Account Information which contains your tax year contribution amount for 2022:

Note: If you do not see any "IRA Contribution Year 2022" line item or amount then you did not have any contributions for 2022.

Q: What Tax Forms will I get from Icon and when?

Forms

Used to Report

Scheduled Delivery Date

1099-R / 1099-Q

Distributions from qualified retirement plans and educational savings accounts

January 31, 2023

Consolidated 1099

A consolidated tax document containing forms 1099-B, 1099-DIV, 1099-INT and 1099-MISC

January 31, 2023

or

February 15, 2023

PR 480.6 Series

Informative Return – Income Subject (Not Subject) to Withholding

February 28, 2023

1042-S

Foreign Person’s U.S. Source Income Subject to Withholding

March 15, 2023

1099-REMIC,

NMWHFIT

Income from Real Estate Mortgage Investment Conduits Non-Mortgage Widely Held Fixed Income Trusts

March 15, 2023

2439

Notice to Shareholder of Undistributed Long-Term Capital Gains

March 31, 2023

1099-R/Q, 1099-Comp Corrections

Corrected 1099 series due to income reclassification or other modifications and updates.

March 15, 2023

5498-ESA

Contributions to qualified educational savings accounts

May 1, 2023

5498

Contributions to qualified retirement plans

May 31, 2023

Q: Where will I receive my Tax forms?

All tax forms, with the exception of Form 2439, will be available online in your Icon individual app in your Documents > Statements list, as well as delivered via email.

Customers will receive emails about tax forms from our custodian directly as well as Icon with a delivering email address of taxnotification@apexfintechdocuments.com or support@iconsavingsplan.com.

Q: Who will receive a Consolidated 1099?

  • All individuals receive a Consolidated 1099 if they are United States citizens or legal residents and have reportable tax activity. In some cases, exempt recipients will receive a Consolidated 1099 as a result of backup withholding that must be reported to the customer and the IRS.

  • If you only contributed to the plan for 2022 with no other activity then there is likely no taxable activity for the period.

  • If the activity in your account does not meet certain reporting thresholds set by the IRS, a tax form will not be issued. De minimis values differ by form and income type.

  • Additional information about these forms and related topics can be found on the IRS website under General Instructions for Information Returns.

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/pub/irs-prior/i1099b--2022.pdf

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-prior/i1099int--2022.pdf

1099-INT

1099-MISC

What's new for 2022

  • Due to the creation of Form 1099-NEC in the 2020-2021 Tax Year, the IRS has revised Form 1099-MISC. Form 1099-MISC, Form 1099-NEC, and their associated instructions have been converted from an annual revision to continuous use. Both the forms and instructions are updated as needed. For the most recent version, go to https://www.irs.gov/pub/irs-pdf/f1099msc.pdf or www.irs.gov/form1099nec.

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-prior/i1099r--2022.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.

  • For additional information about IRAs, see IRS Publications, 590-A, 590-B, and 560.

  • Instructions: https://www.irs.gov/pub/irs-pdf/i1099r.pdf

What's new for 2022

  • 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 2022.

  • 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

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

What's new for 2022

  • Income code 56 was added to address section 871(m) transactions resulting from combining transactions under Regulations section 1.871-15(n) (including as modified by transition relief under Notice 2020-2, 2020-3 I.R.B. 327, available at IRS.gov/irb/2020-03_IRB#NOT-2020-2, when applicable). Income code 56 should be used for any dividend equivalent pursuant to a transaction that is a section 871(m) transaction as a result of combining transactions, even if another income code could apply to the dividend equivalent. See Box 1, Income Code, later, for additional information.

  • Income code 57 was added for use by brokers that are required to report or withhold on the transfer of interests in publicly traded partnerships (PTPs), including distributions made by PTPs. Specifically, new income code 57 was added to report the payment of an amount realized subject to section 1446(f). Section 1446(f) generally requires that if any portion of a gain on any disposition of an interest in a partnership would be treated under section 864(c)(8) as effectively connected gain, the transferee purchasing an interest in such a partnership from a non-U.S. transferor must withhold a tax equal to 10% of the amount realized on the disposition unless an exception to withholding applies. T.D. 9926 (84 FR 21198), published on November 30, 2020, contains final regulations (section 1446(f) regulations) relating to the withholding and reporting required under section 1446(f), which include withholding requirements that apply to brokers affecting transfers of interests in PTPs. Use of this status code is required beginning in 2023, when the provisions relating to withholding on transfers of interests in PTPs under section 1446(f) will be in effect. See Notice 2021-51, 2021-36 I.R.B. 361, available at IRS.gov/irb/2021-36_IRB#NOT-2021-51, for additional information.

  • Chapter 3 status code 38 has been added to report a payment to or from a PTP. The instructions for boxes 16a through 16e have also been updated to state that a withholding agent for a PTP distribution is required to provide the applicable information for the PTP in the payer's box (including code 38). See Boxes 16a Through 16e, Payer's Name, TIN, GIIN, and Status Code, later. See also Publicly Traded Partnerships (Section 1446 Withholding Tax), later.

  • Limitation on benefits (LOB) code 12 has been added to report that there is no LOB article in the applicable tax treaty. See Box 13j, LOB Code, later, for general information about LOB codes.

Puerto Rico 480.6 Series

  • Used to report certain income received by Puerto Rico taxpayers and Puerto Rico tax withholding.

  • Only issued to Puerto Rico residents who earned reportable income and had income subject to Puerto Rico tax withholding.

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