🏦📅 March 31, 2025 – IRS Electronic Filing Deadline for Account Custodians & Trustees
Financial institutions and plan administrators must electronically file these forms by March 31, 2025, to report distributions from education savings accounts, retirement plans, and medical savings accounts.
The paper filing deadline was February 28, 2025.
These forms are crucial for recipients to report taxable or non-taxable distributions, and for the IRS to verify compliance with account usage rules.
🧾 Form 1099-Q – Payments from Qualified Education Programs (529 or Coverdell ESA)
🔍 What is it?
Reports distributions made from 529 college savings plans and Coverdell Education Savings Accounts (ESA).
🏦 Who files it?
Custodians or program administrators of 529 or ESA plans.
📥 What information does it include?
Total amount distributed
Earnings portion and basis portion
Beneficiary and account owner details
💡 Why it matters:
If funds are used for qualified education expenses, the distribution is generally not taxable. Otherwise, earnings may be subject to tax and penalties.
🧾 Form 1099-R – Distributions from Retirement Accounts & Annuities
🔍 What is it?
Used to report distributions from:
Pensions
Annuities
401(k) or other retirement plans
IRAs
Profit-sharing plans
Insurance contracts
🏦 Who files it?
Plan administrators, financial institutions, or insurance companies issuing distributions.
📥 What information does it include?
Gross distribution amount
Taxable amount
Type of distribution (coded)
Federal and state income tax withheld (if any)
💡 Why it matters:
Taxpayers must report this income on their tax return. Some or all of the distribution may be taxable, depending on the account type, age, and reason for withdrawal.
🧾 Form 1099-SA – Distributions from HSA, Archer MSA, or Medicare Advantage MSA
🔍 What is it?
Reports withdrawals from:
Health Savings Accounts (HSAs)
Archer Medical Savings Accounts (MSAs)
Medicare Advantage MSAs
🏦 Who files it?
Trustees or custodians of the medical savings accounts.
📥 What information does it include?
Total distribution amount
Distribution code (qualified or non-qualified)
Fair market value of the account
💡 Why it matters:
Distributions used for qualified medical expenses are not taxable.
Non-qualified distributions are subject to income tax and an additional penalty.