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If you maintain a non-tax-qualified account with State Farm Investment planning services, you may receive one or more of the following forms, depending on your account activity throughout the year:
Form 1099-DIV — Dividends and Distributions
This form reports all taxable dividends and capital gains ($10 or more) distributed to you during the year. This includes distributions paid directly to you in cash, as well as any distributions reinvested to purchase additional shares. The information documented on this form is reported to the Internal Revenue Service (IRS) and should be used to assist you in completing your federal income tax return. The IRS doesn't require a Form 1099-DIV to be issued when the taxable income distributed to you is less than $10 (unless there was withholding); however, you must report all of your taxable income.
Form 1099-DIV also reports tax-exempt income ($10 or more) and private activity bond interest distributed to you during the year for accounts invested in the Municipal Bond Fund (Associates' Funds). This information was previously reported on Form 1099-INT. Tax-exempt income represents distributions generally exempt from federal income tax. You may need to report this amount for informational purposes only on your federal income tax return. You may also be required to report this information for state income tax purposes.
Form 1099-B — Proceeds from Broker and Barter Exchange Transactions
This form reports proceeds from redemptions (sales and exchanges) made during the year. This form will help you determine the gains and losses on the sales and exchanges made during the year. The information on this form is reported to the IRS and should be used to assist you in completing your federal income tax return.
If you maintain a tax-qualified (traditional IRA, Roth IRA, SIMPLE IRA, SEP IRA, Coverdell ESA, Safe Harbor 401(k) or 403(b) account with State Farm Investment planning services, you may receive one or more of the following forms, depending on your account type and account activity throughout the tax year:
Form 1099-R — Distributions from Pensions, Annuities, Retirement, or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
This form reports distributions you received ($10 or more) from your tax-qualified account (excluding qualified tuition programs under Section 529, and Coverdell ESAs under Section 530) during the year. The information on this form is reported to the IRS, and should be used to assist you in completing your federal income tax return.
Form 5498 — IRA Contribution Information
This form reports rollovers, contributions, conversions, and recharacterizations made to your IRA. The form also reports the fair market value (FMV) of your account as of the end of the year. Contributions for a given tax year can be made to IRAs until that year's tax filing deadline. Therefore, 5498s for IRAs will not be mailed to shareowners until May and are not filed with your federal income tax return. Form 5498 is not sent solely to report FMV. Therefore, if your account did not have contribution activity you will not receive Form 5498.
Form 1099-Q — Payments from Qualified Education Programs (Under Sections 529 And 530)
This form reports distributions (including rollover distributions and transfers out) and removals of excess contributions made from your qualified tuition program under Section 529, or your Coverdell ESA under Section 530 during the year. Form 1099-Q also reports the fair market value (FMV) of your ESA account as of the end of the year.
For Safe Harbor 401(k) and 403(b) accounts, only distributions are reported. The plan administrator or third-party administrator report contributions for these accounts.
Neither State Farm® nor its agents provide tax or legal advice.
Securities distributed by State Farm® VP Management Corp.
Securities, insurance and annuity products are not FDIC insured, are not bank guaranteed and are subject to investment risk, including possible loss of principal.
Investors should consider before investing whether their or their beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program and should consult their tax advisor, attorney and/or other advisor regarding their specific legal, investment or tax situation.
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.
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