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To help you prepare your taxes, we've provided a variety of resources and articles to answer your questions.
Articles
Browse our collection of articles about important tax-planning subjects.
Overview of Mutual Fund Taxation
Directly Deposit Your Tax Refund
A little planning at tax time may make a big difference in your retirement.
Tax Related Questions
Find answers to some of the most commonly asked tax questions. Click on a question below to read the answer.
General
- When will I receive my tax forms?
1099-B, 1099-DIV, 1099-R, 1099-Q, and 1099-SA tax forms are mailed by the end of January. Form 5498-ESA is mailed in April. Forms 5498 and 5498-SA are mailed in May.
- Why did I receive a 1099 form?
- IRS Form 1099-R reports distributions from a 401(k) or a traditional, Roth, SEP, or SIMPLE IRA. You will only receive this form if there was a distribution.
- IRS Form 1099-Q reports distributions from a qualified tuition program under Section 529, or a Coverdell ESA.
- IRS Form 1099-SA reports distributions from an Archer MSA.
- IRS Form 1099-DIV reports taxable dividends and capital gains of $10 or more paid to the shareowner, whether paid in cash or reinvested. It also reports tax exempt interest dividends and private activity bond interest paid by the Tax Advantaged Bond Fund and Municipal Bond Fund.
- IRS Form 1099-B reports redemptions and exchanges from a non-tax qualified account.
- What is a capital gains distribution?
Capital gains distributions are payments (usually annually) to mutual fund shareholders of long-term capital gains the fund has realized on the sale of portfolio securities.
- How do I get a copy of my year-end investor statement or tax form?
Login to your account online or call us at 800-447-4930
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IRAs
- When is the deadline to do a conversion for a given tax year?
December 31st of that year.
- When is the deadline to perform a recharacterization of IRA contributions?
October 15th of the year following the year for which the contribution was originally made.
- What happens if I contribute too much to my IRA?
The total amount that can be contributed to IRAs in one year is called the maximum allowable contribution. It is either $5,500 ($6,500 if you are 50 or older) or 100 percent of your earned income, whichever is less. If, in one year, you contribute more than what is allowed, the difference between the amount contributed and the maximum allowable contribution may be subject to a six percent tax penalty. If you contribute too much to your IRA, you can correct this by removing some of your contributions and related earnings to avoid the tax penalty. These corrections must be made by the tax return due date, which is generally April 15.
Why did I receive my form 5498 in May? I have already filed my taxes. Now what do I do?
IRS Form 5498 is for recordkeeping purposes only and is not required to be sent to the IRS with your income tax return. A record of the information on the 5498 is sent to the IRS by State Farm®. The 5498 reports contributions made to tax-qualified retirement accounts including rollovers, conversion contributions and recharacterization contributions. Since contributions can be made up until the tax filing date, this form is not sent until the end of May, as required by law.
Why did I not receive a 1099-DIV for my IRA?
A 1099-DIV is not issued for an IRA since the account is a tax-qualified vehicle.
Taxable Accounts
- If I reinvest my dividend and capital gain distributions, do I still have to pay taxes on these distributions during the current tax year?
Yes. Dividend and capital gain distributions are taxable if the distributions are taken in cash or reinvested in additional fund shares in a non-tax-qualified account.
- Why is an exchange taxable if I didn't receive any cash proceeds from the transaction?
When an exchange between funds is performed in a non-tax-qualified account, shares are redeemed from one fund and the proceeds are used to purchase shares of another fund. For tax purposes, the IRS treats the redemption side of an exchange as though it was a cash redemption. The shareowner is subject to tax on any resulting capital gain.
- What if I perform a redemption or exchange that results in a capital loss?
Any capital gains you incur may be offset by capital losses you incur from investment activities. Your net capital gain or loss will be calculated on Schedule D of your federal income tax return. The amount of your capital gain or loss will be determined by the cost basis of the shares you sold.
- Where can I find my cost basis information?
If available, the cost basis information can be found on your Form 1099-B.
Prepare Your Taxes
To help you prepare your taxes, review the information below specific to your State Farm Mutual Funds®.
Here you'll find the scheduled mailing dates for the different tax forms. Our tax information booklets will be mailed mid- to late- February.
These tables show our retail funds and may be used in preparing your income tax returns.
These tables show our associate funds and may be used in preparing your income tax returns.
If you maintain a State Farm Mutual Funds account, you may receive one or more forms, depending on your account activity.
Get information specific to dividends, capital gains and foreign taxes.
Get information on how to request a duplicate year-end statement or tax form.
Find an Agent
Risk Disclosures
Investing involves risk, including potential for loss.
An investor should consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.
Before investing in a 529 plan, consider the plans investment objectives, risks, charges, and expenses. Contact the plan issuer for an official statement containing this and other information. Read it carefully.
Mutual Funds and State Farm College Savings Plan (529) Disclosures
Before investing, consider the investment objectives, risks, fees and expenses of the funds. Contact State Farm VP Management Corp (800-447-4930) for a mutual fund prospectus, summary prospectus, or The State Farm College Savings Plan Enrollment Handbook and Participating Agreement containing this and other information. Read it carefully.
General
Automatic investment plans do not assure a profit or protect against loss.
Neither State Farm nor its agents provide investment, tax, or legal advice.
It is not possible to invest directly in an index.
State Farm VP Management Corp. is a separate entity from those State Farm entities which provide banking and insurance products.
As of June 2, 2010, additional fees may apply to certain accounts with balances less than $5000.
Each State Farm LifePath Fund invests its assets in a combination of equity (including real estate investment trusts) and bond exchange traded funds and a money market fund (the "Underlying Funds") in proportion to the Fund's own comprehensive investment strategy. BlackRock Fund Advisors ("BFA") serves as the sub-advisor to the LifePath Funds and selects investments for the Fund. State Farm Investment Management Corp. (SFIMC) is the investment advisor to the State Farm LifePath Funds. State Farm VP Management Corp. (SFVPMC) is the distributor of the State Farm LifePath Funds. Neither SFIMC nor SFVPMC are affiliated with BFA or its affiliates.
BFA is a wholly owned subsidiary of BlackRock Institutional Trust Company, N.A. ("BTC"). Neither BTC nor its affiliates are affiliated with SFIMC or SFVPMC.
BlackRock Fund Advisors ("BFA") is the investment sub-advisor to the S&P 500® Index Fund, the Small Cap Index Fund, and the International Index Fund.
Ascensus provides recordkeeping and administrative services for 401(k) retirement plans offered by State Farm Investment Management Corp.
Net Asset Value (NAV) is calculated by adding all of the assets of a Fund, subtracting the Fund's liabilities, then dividing by the number of outstanding shares.
An investor should consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.
Earnings must be used to pay for qualified higher education expenses to be federally tax free. The earnings portion of a non-qualified withdrawal will be subject to ordinary income tax at the recipient's marginal rate and subject to a 10% penalty. State Farm does not provide tax advice. Please consult your tax advisor for specific information about your tax situation, including any state tax consequences of an investment. The availability of such tax or other benefits may be conditioned on meeting certain requirements.
A $70,000 gift is viewed as an accelerated gift over five years. Any other gifts to the same beneficiary by the contributor in that tax year or in any of the succeeding four years may result in a federal gift-tax liability. If the contributor dies within the five-year period, a prorated portion of the contribution may be included in his or her taxable estate.
Contributions can be made until the value or total amount of contributions across all Nebraska program accounts for the beneficiary reaches $360,000. Accounts in excess of this limit can continue to grow through investment earnings realized by the plan, but no additional contributions can be accepted above that limit. This limit is set by the Nebraska State Treasurer and is subject to change.
The plan is intended to operate as a qualified tuition program, pursuant to section 529 of the U.S. Internal Revenue Code.
Participation in the plan does not guarantee that contributions and the investment earnings, if any, will be adequate to cover future tuition and other higher education expenses, or that a beneficiary will be admitted to or permitted to continue to attend an eligible educational institution.
This material is not an offer to sell or a solicitation of an offer to buy any securities. Any offer to sell shares within the plan may only be made by the Enrollment Handbook and Participation Agreement relating to the plan.
Neither the State of Nebraska, the Trust, the Nebraska State Treasurer, the Nebraska Investment Council, First National Bank of Omaha, Oppenheimer nor State Farm, nor any of their respective affiliates, directors, officers or agents shall have any debt or obligation to any contributor, any beneficiary or any other person as a result of the establishment of the plan, nor will these entities assume any risk or liability for mutual funds in which the plan invests.
The State Farm College Savings Plan is subject to enrollment, maintenance, administrative and management fees and expenses.
Investors in the plan do not hold shares of the underlying funds directly, but rather shares in a portfolio of the plan.
The State Farm College Savings Plan (the "plan") is sponsored by the State of Nebraska and administered by the Nebraska State Treasurer. The plan is established in cooperation with State Farm VP Management Corp. ("State Farm"), the State of Nebraska, and OFI Private Investments Inc. (OFIPI), a subsidiary of OppenheimerFunds, Inc, pursuant to which State Farm offers classes of shares in a series of accounts within the Nebraska Educational Savings Plan Trust (the "Trust" and plan issuer) that are distributed by OppenheimerFunds Distributor, Inc. (OFDI and together with OFIPI, "Oppenheimer"). The Trust offers other accounts that are not affiliated with the plan.
The Nebraska State Treasurer serves as trustee of the plan; OFIPI serves as the investment manager, with the oversight of the Nebraska Investment Council; and servicing agent: OFDI serves as the distributor: First National Bank of Omaha serves as the program manager.
The State Farm College Savings Plan is not insured or guaranteed by State Farm, Oppenheimer, First National Bank of Omaha, the Trust, the State of Nebraska, the Nebraska State Treasurer, the Nebraska Investment Council, any of their respective affiliates, directors, officers or agents or any other entity.
Indices
The Russell 2000® Index tracks the common stock performance of the 2,000 smallest U.S. companies in the Russell 3000 Index.
The Russell 2500 Index measures the performance of the 2,500 smallest securities in the Russell 3000 Index.
The Russell 1000 Index is a market-capitalization weighted index that tracks the largest 1,000 companies in the Russell 3000 Index.
The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity market and is a subset of the Russell 1000 Index.
The Dow Jones Industrial Average is an unmanaged average of 30 actively traded stocks.
The NASDAQ Composite is an unmanaged market capitalization weighted index that is designed to represent the performance of the National Market System.
The S&P 500® Index tracks the common stock performance of 500 large U.S. companies.
The Barclays 1-5 Year U.S. Treasury Index measures the performance of short-term U.S. Treasury Securities maturing within one to five years.
The Barclays U.S. Aggregate Bond Index represents debt securities in the U.S. investment grade fixed rate taxable bond market.
The Barclays Municipal Bond Index is an unmanaged index representative of the tax-exempt bond market.
The Barclays High-Yield Bond Index covers the U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market.
The Barclays U.S. TIPS Index is an unmanaged index composed of inflation protected securities issued by the U.S. Treasury.
The Citigroup 3-Month Treasury Bill Index is an unmanaged index of three-month Treasury bills.
The FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index is designed to measure the stock performance of companies engaged in specific real estate activities of the real estate markets outside of the United States.
The FTSE EPRA/NAREIT Developed Real Estate Index is designed to measure the stock performance of companies engaged in specific real estate activities of the North American, European, and Asian real estate markets.
The Morgan Stanley Capital International Europe, Australasia and Far East Free (EAFE® Free) Index currently measures the performance of stock markets of Europe, Australia, New Zealand, and the Far East.
The MSCI All Country World Index (ACWI) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.
The MSCI All Country World Index (ex-U.S.) (MSCI ACWI ex-U.S. Index) is a free float-adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets, excluding the United States.
The MSCI Emerging Markets Index is a float-adjusted market capitalization index designed to measure equity market performance in global emerging markets.
The New York Stock Exchange is considered the largest equities-based exchange in the world based on total market capitalization of its listed securities.
The Blended Benchmark for the Equity and Bond Fund is a combination of 60% of the S&P 500 Index and 40% of the Barclays U.S. Aggregate Bond Index, rebalanced monthly.
The blended benchmark for the LifePath Funds is a hypothetical representation of the performance of each of the underlying asset classes according to their weightings as of the most recent month end. For a list of the indexes used to calculate the blended benchmark, please refer to the Prospectus.
Customized Portfolio Performance Benchmarks
The benchmarks for the Portfolios represent customized composites of market indices for the available Underlying Investments weighted by the relative target asset allocation for such Portfolio.
Oppenheimer Capital Appreciation Fund Benchmark: The Russell 1000® Growth Index
The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
Oppenheimer Value Fund Benchmark: The Russell 1000® Value Index
The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.
Oppenheimer Main Street Fund® Benchmark: S&P 500® Index
The S&P 500® Index tracks the common stock performance of 500 large U.S. companies.
Oppenheimer Main Street Mid-Cap Fund® Benchmark: The Russell Midcap® Index
The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Mid Cap Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.
Oppenheimer International Growth Fund Benchmark: The MSCI AC World ex-U.S. Index
The MSCI AC World ex-U.S. Index is designed to measure the equity market performance of developed and emerging markets and excludes the U.S.
Oppenheimer Developing Markets Fund Benchmark: The MSCI Emerging Markets Index
The MSCI Emerging Markets Index is designed to measure equity market performance of emerging markets.
State Farm Bond Fund and Oppenheimer Global Strategic Income Fund Benchmark: The Barclays U.S. Aggregate Bond Index
The Barclays U.S. Aggregate Bond Index is an index of U.S. dollar denominated, investment-grade U.S. corporate government and mortgage-backed securities.
Federated U.S. Government Securities Fund 1-3 Years Benchmark: The Bank of America Merrill Lynch 1-3 Year Treasury Index
The Merrill Lynch 1-3 Year U.S. Treasury & Agency Index is a subset of The Bank of America Merrill Lynch U.S. Treasury & Agency Index, an unmanaged fixed income index that includes U.S. Treasury fixed income securities (direct sovereign debt of the U.S. Government) in the maturity range equal to one year and less than three years.
Oppenheimer Institutional Money Market Fund Benchmark: iMoney Net First Tier Institutional Index
The iMoneyNet First Tier Institutional Index (Also known as the MFR First Tier Institutional Index) is a subset of the Money Fund Reports (MFR) All-Taxable universe consisting of funds managed to a "first-tier" standard and which are offered to institutions only. Portfolio Holdings of first-tier funds include U.S. Treasury, U.S. Other, Repos, Time Deposits, Domestic Bank Obligations, Foreign Bank Obligations, First Tier CP, Floating Rate Notes, and AssetBacked Commercial Paper. The Money Fund Report AveragesTM are published by iMoneyNet, Inc. (formerly IBC Financial Data), and reflect yields net of fees and expenses.
Investors cannot directly invest either in individual benchmark indices or combinations thereof.
Trademarks
iShares, LifePath and LifePath followed by 2020, 2030, 2040 and 2050 are all registered trademarks of BlackRock Institutional Trust Company, N.A.
"S&P 500®" is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the State Farm Mutual Fund Trust. The State Farm S&P 500 Index Fund (the "Fund") is not sponsored, endorsed, sold or promoted by Standard & Poor's, and Standard & Poor's makes no representation regarding the advisability of investing in the Fund.
Russell Investment Group ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell 2000 Index. Russell® is a trademark of Russell. The State Farm Small Cap Index Fund (the "Fund") is not sponsored, endorsed, sold or promoted by, nor in any way affiliated with Russell. Russell is not responsible for and has not reviewed the Fund nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.
The EAFE® Free Index is a trademark, service mark and the exclusive property of Morgan Stanley Capital International, Inc. ("MSCI") and its affiliates and has been licensed for use by the State Farm Mutual Fund Trust (the "Trust"). The State Farm International Index Fund (the "Fund"), based on the EAFE® Free Index, has not been passed on by MSCI as to its legality or suitability, and is not issued, sponsored, endorsed, sold or promoted by MSCI. MSCI makes no warranties and bears no liability with respect to the Fund. MSCI has no responsibility for and does not participate in the management of the Fund assets or sale of the Fund shares. The Trust's Statement of Additional Information contains a more detailed description of the limited relationship MSCI has with the Trust and the Fund.
Non-US Residents
Each of the investment products and services referred to on the State Farm Mutual Funds web site is intended to be made available to customers or prospective customers residing in the United States. The customer's U.S. permanent residence address must be a street address. This web site shall not be considered a solicitation or offering for any investment product or service to any person in any jurisdiction where such solicitation or offer would be unlawful.
Business Continuity Plan
State Farm VP Management Corp. has developed a Business Continuity Plan on how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, download this information on our business continuity plan [PDF-19.5KB].
AP2015/05/1155
Not FDIC Insured
- No Bank Guarantee
- May Lose Value
