Tax Form FAQ

What Forms to Expect during the Tax Season

Tax season can feel, well, taxing. The main source of grief, beyond sifting through old receipts and paystubs, is usually the confusion on how to proceed next. Do I need to fill this out? What goes in this blank? Am I still waiting on another document? 

To make things easier, we’ve compiled a list of topics that address common concerns on forms Nationwide Bank distributes, including the 1099-INT, 1099-R, 1099-MISC, 5498, and 5498-ESA. As a reminder, with tax documents arriving in the coming weeks, we encourage you to ensure your home address is updated by logging on to your online banking. This will help us distribute the information in a timely manner. 

When to expect your forms

You will be receiving your forms from Nationwide Bank in the mail on a rolling basis. While some forms will be generated at the end of January (please see chart below), you should allow a couple weeks for mail delivery. If you’re expecting a 1099-INT, 1099-R, or 1099-MISC form and still haven’t received them by Feb. 15, please feel free to contact our Customer Care Center at 877-422-6569.

Form Title
Who receives the form?
When is form generated?
1099-INT
Anyone who earned $10 or more in interest
End of January each year
1099-R  
Anyone who made an IRA distribution the previous year
End of January each year
1099-MISC
Anyone who received incentives totaling $600 more within the single tax year
End of January each year
5498-ESA
Anyone who had a balance in their Coverdell as of 12/31 the previous year
April of each year
5498
Anyone who had a balance in their IRA as of 12/31 the previous year
May of each year

Common reasons you haven’t received them

Updating your personal address is crucial when it comes to receiving your forms. But it’s important you cover all bases with keeping contact info current. Consider the following:

If you have not received your 1099

We can re-mail or fax your form(s) if you still have not received them within 10 business days of the mail date. Please note that we cannot resend the forms until these 10 days have passed and we have confirmed that they were sent to the incorrect address. Forms also cannot be forwarded. 

Requests for additional copies

Only the primary account holder may request a duplicate copy of a tax form. Because the 1099 – and any other form, for that matter – contains sensitive information including the social security number, requests for duplicates need to come from the individual, not the joint account holder. 

1099-INT: Reporting interest earned

The 1099-INT form will be distributed only to those who earned $10 or more in interest on CDs, savings accounts, and/or money market accounts. For all individual tax-related questions, please contact your personal tax professional. 

RA contributions on 5498

The 5498 is sent out in May every year, allowing individuals until Tax Day to make contributions to the previous year. This can cause some confusion, though – if you rolled over your IRA to Nationwide Bank last year, you will not have documentation of the contribution when filing taxes. This should not be a cause for concern, however, as you will not be penalized for lack of supporting documentation.

1099-MISC form: Who receives this?

While this is not one of the frequently distributed forms from Nationwide Bank, the 1099-MISC (miscellaneous income) serves two purposes: it’s a form most commonly sent to independent contractors to report their earnings (in which case your place of work will send it to you), or it can be used to report incentives, totaling at least $600, that are received within a single tax year. 

To update or verify your address: Please log into your online banking to ensure that the primary owner’s personal information on file with Nationwide Bank is correct. From the main page, select My Profile then My Information to change the home and mailing addresses.

If this is your first time logging into Nationwide Bank online banking and you need any help, here is an informative video for you to watch.

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