Fortis Bank typically mails statements and RMD calculations at the end of January.
Fortis Bank will send you all tax-related documents once they become available. To ensure delivery, please keep your residential address up to date. If you have any tax questions, please consult a tax professional, as Unchained cannot provide tax advice. Fortis will provide the following forms:
- IRS Form 1099-R
- Annual Fair Market Valuation (FMV) statements
- IRS Form 5498
- Required Minimum Distribution (RMD) notifications
Note: Please allow several business days for physical mail delivery. If you need an additional copy, or digital copy, of any forms, please email your request to IRA@unchained.com.
IRS Form 1099-R - Mailed Jan 31st
This form reports distributions from your retirement account. It will be mailed out by January 31st. Fortis Bank will generate a 1099-R for all IRA accounts regardless of dollar amounts and activity.
Annual Fair Market Valuation (FMV) statements - Mailed January 31st
This statement details your account activity and balance for the year. It will be mailed by January 31st. The FMV statement is for your personal records and does not necessarily need to be used during your tax reporting.
IRS Form 5498 - Mailed May 31st
This form reports eligible transactions and contributions to your retirement account. Fortis Bank will send this by May 31st, as it includes contributions made through the tax filing deadline of April 15th.
Examples of IRA transactions include:
- Contributions
- Rollovers
- Conversions
- Re-characterizations
Tip: If you have questions about which transactions are taxable, see the IRS FAQ page for IRAs or consult your tax advisor.
Required Minimum Distribution (RMD) notifications - Mailed January 31st
If applicable, you will be mailed your RMD notification by January 31st, outlining the amount you are required to withdraw for the year. RMD requirements are subject to IRS regulations and don't apply to all IRA client accounts. For more information, please review the IRS Retirement Topics page - RMD.
Unchained is unable to determine a client’s required minimum distribution.
Note: No contents of this post may be relied upon as tax, legal, or financial advice, as they have not been tailored to you and have not been reviewed by any attorney, financial advisor, or tax professional. For any questions related to your own specific situation, please consult with your own attorney, tax professional, and/or licensed financial advisor.