What is a 1099-R and will I get one?

The 1099-R reports distributions from retirement accounts, like IRAs and 401(k)s.

You will receive one from Betterment if you had a Betterment IRA or 401(k) account and in 2020:

  • You requested $10 or more in total distributions from Betterment IRAs or Betterment 401(k)s, or
  • You completed a rollover from a Betterment 401(k) to another retirement plan, or
  • You completed a rollover from a Betterment IRA to an employer sponsored plan like a 401(k) or 403(b), or
  • You completed an indirect rollover (in a 60 day window) from a Betterment IRA to another IRA, or
  • You completed a Roth IRA conversion, or
  • You recharacterized an IRA during the tax year, or
  • You had any amount of tax withholding

You will not receive a 1099-R for a direct trustee-to-trustee transfer from a Betterment IRA to an IRA at another institution.

Betterment is not a tax advisor, nor should any information herein be considered tax advice. Please consult a qualified tax professional.