Changes to 2026 IRA Tax Forms

The IRS is updating Form 1099-R (retirement plan distributions) and Form 5498 (IRA contributions) for the 2026 tax year. When you receive these forms in early 2027, you will notice a cleaner look designed for faster electronic processing.

Here are some key updates that might affect your personal reporting:

• New Look for Addresses: Standardized, separate boxes for street, city, state, and ZIP codes will make the forms easier for automated systems to read.
• Expanded Details on Distributions: Box 7 on Form 1099-R has been split into sub-boxes to more clearly identify your specific type of IRA or retirement plan account.
• Home Purchase Repayments: If you are repaying a qualified first-time home purchase distribution back into your retirement account, it will now be tracked on Form 5498 using a new "HP" code.

What do you need to do?
No immediate action is required. We are already updating our systems to ensure your tax data is captured accurately under these new guidelines.