I didn't touch my Roth IRA or 529. Do I need to wait for a 1099?

I have a Roth IRA and a 529 college fund for my children through Edward Jones. I didn’t have any activity with them last year - no money in or out. I’m not even sure I called my investment adviser. Can I file my taxes, which are otherwise ready to go, now, or do I need to wait until I get a 1099 from Edward Jones?

If you didn’t touch them, then I can’t see why you’d need to wait! I never get 1099s for the tax-deferred accounts; certainly I’ve never entered anything into Turbo Tax.

You may be getting another form (54something?) from at least the Roth holder stating your year-end figure as of 12/31/2009, but that’s for your records and for determining things like minimum required distributions.

And the minimum required distribution doesn’t kick in until 70 1/2 anyway.

Both of those are tax-deferred. Unless you have an unusual situation, such as a loan against one or both of the accounts, you should not be receiving a 1099 without taking a withdrawal. Like Mama Zappa, you may get a 5498, but that’s for your records and you don’t need to do anything with it.

If you have reason to think you’re out of the ordinary, then call your agent. But assuming no activity, you should be good to file.

You don’t pay tax on the gains of a Roth-IRA.

You can’t really take a loan out for either of those account types, at least not a formal loan.

You generally only would get a 1099 form if money leaves the account. If you are ever unsure, you should consider making your financial planner from Edward Jones work for his compensation to check your account history/info for you.
On gains in a Roth IRA… they are currently tax free if you meet the criteria for a qualified withdrawal; generally being age 59 1/2 and having a Roth IRA for more than 5 years.

For other cases, taxes (and possibly penalties) may apply on gains/earnings. If I’m 30 years old and take $ out of my Roth IRA that includes earnings, I will owe taxes and penalties (unless I have an exception to the penalty) on the earnings portion.

The age limit and tax penalty only applies to conversions of traditional accounts into a Roth.

Whether contributions were made in cash or by conversion, once the 5-year period is met, you can take out capital and/or earnings with no tax or penalty regardless of your age.

This is only true if it is a qualified distribution which for most people probably will be reaching age 59 1/2, disability, or first time home purchase. The rules for Roth IRA distributions are somewhat lengthy for all the different scenarios that can happen.

Common case of people who take an early & non-qualified distribution (without any exception) out of their Roth IRA, the contribution basis (contributions + conversions > 5 years old) is tax/penalty free, and earnings are considered fair game to the IRS for taxes and possibly the 10% penalty.

A big page with a lot of info but not the best organized:

Your first statement (which is incorrect) is contradicted by your last statement (which is correct).

To clarify: Once you put money into a Roth, you NEVER PAY TAXES on ANYTHING you withdraw.

You may pay penalties if you take money out too early, etc.

I work for a major brokerage firm and I can answer the Roth IRA question. I don’t deal with 529’s in my area so I don’t know about them.

The contributions you make to a Roth will be reported on a form 5498 which comes out usually in May since you can contribute up until April 15 for an IRA.

The 1099R is issued only if a distribution is taken out of an IRA in that calendar year.