Guide to IRS tax forms
If you've ever asked "Why am I getting this IRS tax form?" you're in good company. There are more than 800 tax forms and schedules so it's no surprise you might not know what tax forms to expect or why you're getting one form instead of another.
To make tax season a little easier to manage, we broke down 21 of the most common (and a few less common) types of IRS investment tax forms, income tax forms, and retirement tax forms.
Fidelity customers
Looking for tax forms for this year or a prior tax year?
Investment tax forms
You may receive a capital gains tax form or an OID tax form if you've received income from investments since your last tax filing.
1099-B
Form 1099-B reports capital gains and losses from the sale of stocks, bonds, mutual funds (including exchanges between funds), ETFs, derivatives, and other investments. It also shows cash, stock, or other property you received as a result of corporate actions like mergers, acquisitions, spinoffs, etc.
1099-OID
Form 1099-OID, Original Issue Discount, reports income you received when you sell a bond, note, or certificate of deposit (CD) at a price lower than its face value. (Ex: Selling at $900 when the maturity value is $1,000). Form 1099-OID can also include interest income related to those investments.
Income and dividend tax forms
The most common tax forms for income and dividends are under the umbrella of 1099s, but there are also less common tax forms you might receive if you’re not a resident of the US, if you’re subject to backup withholding in the state of California, etc.
Fidelity consolidates several 1099 forms—the 1099-DIV, 1099-B, 1099-INT and 1099-MISC—into one tax reporting statement. Learn how to read your consolidated 1099 tax form
1099-INT
Form 1099-INT reports interest you’ve earned from cash deposits, bonds, notes, or certificates of deposit (CDs).
1099-DIV
Form 1099-DIV reports dividends you've earned and other distributions you may have taken. This includes dividends from US and foreign investments, and capital gains distributions from mutual funds and ETFs.
1042-S
Form 1042-S reports income from US sources when you’re not a US tax resident, except for gross income from the sale of investments, and any US withholding related to that income.
592-B
Form 592-B is a California state tax form that reports California state backup withholding. Backup withholding is a tax on investment income when someone either intentionally or mistakenly provides incorrect or incomplete tax information. California residents who are subject to federal backup withholding are also subject to state backup withholding on certain types of income reported on Forms 1099-B and 1099-MISC.
1099-MISC
Form 1099-MISC reports payments a company or person makes to another company or person who is not an employee. This could include royalties, payments for freelance work, gifts, and substitute payments in lieu of dividends or interest that could result from securities lending.
990-T
IRS Form 990-T, also referred to as the Exempt Organization Business Income Tax Return, is a tax return filed by exempt organizations, including IRAs, when they earn more than $1,000 in Unrelated Business Taxable Income (UBTI) during the tax year. IRAs and other tax-deferred accounts like HSAs & 529s may generate UBTI if they invest in a partnership (a Limited Partnership or a Master Limited Partnership). The custodian of the IRA files form 990-T on behalf of the IRA. If the IRA owes taxes on UBTI, the custodian will pay the taxes from the IRA directly to the IRS as long as there's enough cash available at the time the taxes are due. The payment is not a taxable distribution from the IRA and is not reported on form 1099-R
2439
IRS Form 2439 is a report regulated investment companies (RIC) and real estate investment trusts (REITs) must send if they didn’t distribute dividends on the funds you have a stake in. As a shareholder, you typically pay taxes on dividends you receive, but in this case the fund company is responsible for paying taxes on those dividends on your behalf and reporting the undistributed dividends and taxes paid on form 2439.
Retirement tax forms
If you're planning for retirement or you’re in retirement, you will likely receive a 1099-R which reports distributions on pensions, annuities, IRAs, and tax form 5498 for contributions you may have made to an IRA. Form 5498 also notes whether you have a Required Minimum Distribution (RMD) for an upcoming tax year.
1099-R
Form 1099-R reports distributions you receive from retirement plans, IRAs (including traditional, rollover, Roth, SIMPLE, SEP and inherited IRAs), pensions, profit-sharing plans, annuities, and insurance contracts. Distributions that are part of a rollover from one plan to another, and IRA recharacterizations are also included. Any distribution greater than $10 requires a 1099-R. Learn more
5498
Form 5498 reports contributions to an IRA account, including rollover, recharacterization, and conversions from another IRA or other retirement plan. This form will also tell you if you have an upcoming Required Minimum Distribution (RMD). Learn more
HSA, 529, and ABLE tax forms
Tax forms ending in SA, QA, or Q are forms for Health Savings Accounts, ABLE accounts, and 529 College Savings Plans. These include statements about contributions you may have made to these plans, or withdrawals you took for qualified expenses.
5498-SA
Form 5498-SA reports contributions you made to a Health Savings Account (HSA).
5498-QA
Form 5498-QA reports contributions you made to Achieving a Better Life Experience (ABLE) accounts.
1099-Q
Form 1099-Q reports withdrawals you took from 529 college savings plans for education expenses, including tuition, books, and other fees. This can also include trustee-to-trustee transfers.
1099-SA
Form 1099-SA reports withdrawals from a Health Savings Account (HSA), whether you used the withdrawals to pay a medical service provider directly, or to reimburse yourself for expenses you paid out-of-pocket.
1099-QA
Form 1099-QA reports withdrawals you took from Achieving a Better Life Experience (ABLE) accounts.
Tax forms for Puerto Rico & Canada
If you're a resident of Puerto Rico or Canada, or if you receive income from sources in Puerto Rico or Canada, including through dividends and capital gains, you may receive tax forms for the following scenarios.
480.6A
Form 480.6A is reporting issued by the government of Puerto Rico for residents of Puerto Rico who have income that is not subject to Puerto Rico withholding. This includes, but is not limited to, income from US and other foreign investments; gross proceeds from the sale of investments, regardless of the country it came from; and capital gains.
480.6C
Form 480.6C is reporting for non-residents of Puerto Rico who have dividend income from investments in Puerto Rico and have Puerto Rican withholding on the income.
T5
T5 information slip is for residents of Canada,and reports income from dividends, interest, capital gains, and royalties from Canadian sources.
480.6B
Form 480.6B is for residents of Puerto Rico who have received dividend income from Puerto Rican investments that is subject to Puerto Rico withholding.
480.6D
Form 480.6D is for residents of Puerto Rico who have tax-exempt income from investments in the US or Puerto Rico.
