While Juno automates the data entry for Form 1099-R and Form 5498 when available, there are instances where manual entry of Form 5498 information is necessary.
How Juno Handles Form 1099-R
Juno fully supports the automatic import of your Form 1099-R data. We can process the form, including distributions with one or two codes in Box 7. This allows us to handle a wide variety of rollover and distribution scenarios.
Supported Form 1099-R Fields
Juno supports the following fields on Form 1099-R:
Box | Title | How Juno Uses It |
1 | Gross Distribution | The total amount of the distribution before any taxes were withheld. |
2a | Taxable Amount | The portion of the distribution that is subject to income tax. If this is blank, the taxable amount may need to be determined. |
2b | Taxable amount not determined / Total distribution | Indicates if the taxable amount could not be determined or if the entire distribution was a total distribution. |
4 | Federal income tax withheld | Any federal income tax that was withheld from the distribution. |
5 | Employee contributions/Designated Roth contributions or insurance premiums | The employee's after-tax contributions, which are generally not taxable when distributed. |
7 | Distribution code(s) | Codes that identify the type of distribution. See the table below for a detailed explanation of each code. |
Box 7 Distribution Codes
Juno can process any code or combination of codes reported in Box 7. Here is a list of common distribution codes and what they mean:
Code | Description |
1 | Early distribution, no known exception |
2 | Early distribution, exception applies |
3 | Disability |
4 | Death |
5 | Prohibited transaction |
6 | Section 1035 exchange (a tax-free exchange) |
7 | Normal distribution |
8 | Excess contributions plus earnings/excess deferrals |
G | Direct rollover and direct payment |
H | Direct rollover of a designated Roth account distribution to a Roth IRA |
J | Early distribution from a Roth IRA, no known exception |
L | Loans treated as deemed distributions |
N | Recharacterized IRA contribution |
Q | Qualified distribution from a Roth IRA |
R | Recharacterized IRA contribution |
S | Early distribution from a SIMPLE IRA in the first 2 years, no known exception |
T | Roth IRA distribution, exception applies |
How Juno Handles Form 5498
Juno supports multiple fields on the 5498 for export to Tax Software.
Form 5498 Timing and Availability
Financial institutions are required to send Form 5498, IRA Contribution Information, to IRA owners and the IRS by May 31 each year. This is after the typical tax filing deadline of April 15th. This means you will likely not have this form when you file your taxes.
Reporting IRA Contributions Without Form 5498
You do not need to have Form 5498 to report your IRA contributions on your tax return. You can use your own records, such as your account statements, to determine the amount of your contributions. You can then enter this information into your tax software.