Your tax documents are conveniently located in the Tax Center of your Alto account.
Step 1: Click the drop-down menu in the upper right-hand corner of your Alto dashboard
Step 2: Select Your Settings
Step 3: Select Tax Center from the left-hand side menu.
What tax forms will I receive, and when will I receive them?
1099-R
If you complete one or more of the below actions within your Alto account, you will receive a 1099-R form:
- Distribution of $10 or more
- Roth conversion
- Recharacterization
- 60-day rollover
- Rollover from a qualified plan (401k, 403b, TSP, etc.)
1099s will be available in your Alto Tax Center no later than January 31.
5498
Alto files form 5498 with the IRS on behalf of each investor to report contributions, required minimum distributions (RMDs), and the fair market value (FMV) of the account.
5498 forms for the previous tax year will be filed on your behalf and will be available in your tax center by May 31st of each year.
K-1s and 990-Ts
A K-1 is an IRS tax form issued annually for an investment in partnership interests.
The issuer of an investment will be responsible for providing a K-1, if applicable. Please share any K-1 forms you receive with Alto, as the partnership's activities might generate "Unrelated Business Taxable Income" (UBTI), which could require your IRA to pay taxes.
K-1s are furnished to investors to help them prepare IRS Form 990-T for reporting UBTI. If the gross UBTI amount is less than $1,000, Form 990-T is not required to be filed.
Though Alto cannot determine whether an investment may generate UBTI, we will assist investors with filing Form 990-T for IRAs at their request. We suggest you consult with your tax professional if you think a 990-T will be required, and once it is ready, Alto will need to sign the form as the legal owner of the account using an assigned EIN and pay taxes out of the IRA at your direction. Once the 990-T form is ready, please contact our Client Experience team at help@altoira.com, and we can assist with obtaining the required Alto signature.