If you have a 401(k) or individual retirement account (IRA), you may not need to report anything to the IRS. But some transactions require specific tax forms. This article covers which forms you might need, who sends them, and where to find them in your Gusto Retirement dashboard.
You typically do not need to report your 401(k) contributions, balances, or investment returns to the IRS. Because of this, you may not get any tax forms from Gusto Retirement or other retirement providers. But if specific transactions happened during the year, you may need to include certain Internal Revenue Service (IRS) forms with your tax return. Some forms come from your retirement provider automatically. Others you may need to fill out on your own or with a tax advisor.
Your retirement provider or custodian sends these forms when they apply to your account.
Form 1099-R reports distribution (withdrawal) amounts from a 401(k) plan or IRA. You will only get this form if you took a distribution or completed a direct rollover.
You will not get a 1099-R for a trustee-to-trustee transfer between IRAs or for loans from a 401(k) unless the loan was deemed distributed due to a default.
When you'll get it: Gusto Retirement makes Form 1099-R available by Jan. 31 for the prior tax year.
Form 5498 reports contributions made to all types of IRAs, including rollovers, conversions, and traditional contributions.
You do not typically need to file Form 5498 with your tax return, but it gives you a chance to verify that your IRA and rollover contributions match what is on your tax return.
When you'll get it: Gusto Retirement makes Form 5498 available by May 31. You may get this form after you file your taxes. IRA rules allow you to make prior-year contributions up to the federal tax-filing deadline, so waiting until May 31 gives IRA providers time to account for all contributions.
You may need to complete these forms yourself, depending on your situation.
Use Form 5329 to calculate possible IRS penalties or request a penalty waiver for the following:
Excess contributions
Failing to take required minimum distributions (RMDs) from a 401(k) or IRA (excess accumulation)
Form 8606 acts as a tax receipt — it shows you already paid taxes on money inside your IRA. It is most commonly used for nondeductible contributions and Roth conversions. If you recharacterize a contribution — moving it from a Roth IRA to a traditional IRA, or the other way — Form 8606 shows which account the money ended up in and how much of it was already taxed.
Learn more about when you may need to file Form 8606 on the IRS website.
When your tax forms are ready, Gusto Retirement adds a PDF version to your retirement dashboard. This usually happens a few weeks after the paper copies are mailed.
Choose the path that matches how you signed in.
Sign in to Gusto and go to Benefits. Under Savings, find 401(k) and select View, then select Manage 401(k)
Sign in directly at the Gusto Retirement sign-in page.
Once you're in your 401(k) dashboard, follow these steps to view your tax forms.
Go to the Documents tab in the main menu.
Select Tax Documents.
Filing the right forms helps make sure the IRS has the correct information.
Note: If you are unsure whether you need to file a specific form, talk to your tax advisor or accountant.
This content is for informational purposes only and is not intended to be taken as tax advice. You should consult a tax professional to determine what forms are needed to properly report your taxes.