Accounts & Services

Form 1099-Q FAQs

Q: Why didn’t I receive a Form 1099-INT for my tax-exempt securities?
A: The information previously supplied on Form 1099-INT for tax-exempt (Box 8) and Alternative Minimum Tax (Box 9) is now being reported to the IRS on Form 1099-DIV (Boxes 10 and 11).
Q: Where is my Cost Basis Statement?
A: The data that used to be displayed on the Cost Basis Statement is now being reported in five sections on Form 1099-B.
Q: How are my IRA contributions being reported to the IRS?
A: If you are an IRA shareholder, Form 5498 will be mailed to you by the end of May 2014.


Q: Why did I receive IRS Form 1099-Q?
A: You received Form 1099-Q if any distribution or transfer activity occurred in your Coverdell ESA account for 2013.
Q: I noticed the earnings and basis boxes have been left blank. Why?
A: Coverdell ESA custodians generally do not have the required information to calculate these amounts. Instead, as per IRS guidance, we are providing you with the fair market value of the Coverdell ESA as of 12/31/13. Please review IRS Publication 970 for more information.