Tax Season FAQs

A Form 1099 is a record of income received from a person or entity other than your employer.

Many people receive a 1099, and several different types of 1099 forms exist, depending on the source of income you earned.

This tax form is generated for retirement accounts with a reportable withdrawal of $10 or more during the tax filing year. A 1099-R is not necessary for transfers between IRA or Roth accounts. 1099-R forms will not reflect non-reportable transfers.

A digital copy of the 1099-R form will be available in the Tax Forms section of online banking, for customers who have registered for online banking access by December 31. Customers who are not registered for online banking will have their statement mailed no later than January 31.

A 1099-INT displays reportable interest that has been paid to checking and savings accounts, as well as certificates of deposit.

A 1099 form displays the amount of income you made for the year as well as its corresponding income category. There are different areas of your tax return to enter the separate types of income.

If you receive any type of 1099 — check the IRS guidelines to find out if one is applicable to you — they should arrive in your mailbox by mid-February.

Taxpayers are responsible for paying the taxes owed on any income during the tax year, even if a 1099 form has not been received. View your account statements to see your amount of interest earned. If the amount earned over the past year is less than $10, you may not receive a 1099 form. If you think you should have received a 1099 form but didn’t, contact us at (1-888-509-9951).

A W-2 shows the annual wages or employment income that a taxpayer earned from a particular employer during the tax year. Unlike a 1099, a W-2 shows the taxes withheld by the employer from the employee's salary throughout the year.

All accounts tied to one taxpayer ID fall under a single 1099 form.

If your tax statement contains any errors, please send us a secure message through our mobile app or website. If it’s a tax question, we may refer you to an accountant or tax professional.

Form 5498 is informational and generated for retirement accounts with a reportable contribution, rollover, or conversion during the tax year. The 5498 form will be provided to you in May if you completed a prior year contribution before the tax filing deadline (as determined by the IRS).

If the only reportable contribution, rollover, or conversion was completed before December 31, a Fair Market Value statement will be issued no later than January 31 in place of the 5498 form.

A digital copy of your tax documents will be available in the Tax Forms section of online banking no later than January 31 for customers who registered for online banking access by December 31. You can request duplicate Fair Market Value statements or 1099-R form after February 15. A duplicate Form 5498 may be requested after May 31. Fees may apply for duplicate tax forms.

Customers who take a distribution (withdrawal) from a retirement account before reaching the age of 59 ½ may be subject to IRS taxes and penalties.

To contribute to your Traditional IRA or Roth IRA, follow these steps:

• You may mail a check indicating the IRA Account #XXX and tax year that the contribution is for in the memo line of the check. Please make checks payable to Axos Clearing and mail them to: Axos Clearing (Attn: Treasury), 15950 W. Dodge Rd., Omaha, NE 68128.

• You may request a Contribution Form by sending a secure message through your online banking account.

• We will reply back with the form and instructions. Once you complete the form you will need to securely scan it back to us and include a pre-printed voided check, if requesting an external transfer be complete by ACH.

• Axos Bank will initiate a debit entry on a single, monthly, or annual basis to your checking account through ACH.

Please note: We do not accept direct contributions from your employer/paycheck into your IRA account.

In 2024, eligible individuals can contribute up to $7,000 ($8,000 if you are age 50 or older) to your IRA account.

The annual contribution limit for 2023 was $6,500 ($7,500 if you were 50 or older). The annual contribution limit for 2019, 2020, 2021, and 2022 was $6,000 ($7,000 if age 50 or older). The annual contribution limit for 2015, 2016, 2017, and 2018 was $5,500 ($6,500 if age 50 or older).

Your Roth IRA contributions may also be limited based on your filing status and income. See IRA Contribution Limits.

If neither you nor your spouse is covered by a retirement plan at work, your deduction is allowed in full.

For contributions to a traditional IRA, the amount you can deduct may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

Roth IRA contributions are not deductible.

You receive a Fair Market Value statement if you have a balance in your IRA account on December 31. It’s a summary of your account that reports your year-end value. An electronic version of this Year End Statement is available within online banking by January 31 if you registered for access by December 31. Customers not registered for online banking will have the statement mailed no later than January 31.

You can contribute to your IRA for a prior year by sending us a check or by ACH, but please ensure you respect the deadlines as explained below:

By check: Clearly write the tax year on the Contribution Instructions form or in the memo line of the check deposit. The deadline for a prior year contribution is the individual tax return deadline, not including extensions. Only checks in envelopes postmarked by the tax filing due date for individuals will count as prior year contributions.

Please make checks payable to Axos Clearing and mail them to: Axos Clearing (Attn: Treasury), 15950 W. Dodge Rd., Omaha, NE 68128.

By ACH: ACH contributions must be initiated early enough for the credit to reach the retirement account by the tax filing deadline for individuals. ACH instructions and ACH credits received after the tax filing deadline will NOT count toward the prior tax year.

Your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally must start taking withdrawals from your IRA account when you reach age 72 (73 if you reach age 72 after Dec. 31, 2023).

Roth IRAs do not require withdrawals until after the death of the owner.

Your statement for Self-Directed Trading will be posted in the Axos Client Portal, detailing your unrealized gain/losses. If you want to sell off losses before the year ends, you can use this information to help you make decisions. When you log into your Self-Directed Trading account on the website, you can also view unrealized gain/losses on the main page before you click into Trade Securities.

Please contact Axos Invest Servicing at 888-585-4965. They will be able to research your request. Requests for missing cost basis will be processed before the year ends.

Estimates on capital gains distributions for each mutual fund or ETF are offered by asset manager on the FundFinder+ website, under Insights (https://axosfundfinder.com /insights/).

You can access your tax documents when you sign in online or through the app.

For Managed Portfolio customers:

• Select your Managed Portfolios Account.

• Navigate to Statements & Documents.

• Choose the year and document type.

For Self-Directed Trading customers:

• Log in to your Self-Directed Trading account.

• Choose the Accounts tab.

• Select your Self-Directed Trading Account.

• Choose the Statements/Tax Forms tab.

• Choose the year and document type.

Please contact your tax professional for any questions about tax implications