Tax Documents

Required tax documents and filings vary depending on account type.

For IRA and Taxable brokerage accounts, If you do not see a tax document in the tax documents section of the Carry website (you can access this by clicking your initials on the top right > Documents > Tax Documents), it is likely either not required if you did not have a transaction that requires the form be generated or is not yet due.

For Solo 401k plan tax documents, see the information outlined below.

The list of documents below is provided for educational purposes only, is not exhaustive, and should not be taken as tax advice. We recommend consulting with a qualified tax professional if you have any questions.

Solo 401k documents are ultimately your responsibility, as the business owner / Plan Administrator, but Carry will send reminders and offer assistance if requested.

Contribution data is available on the Solo 401k Contributions tab on the Carry website.

Required for plans with $250,000 or more in assets, or when the plan is being terminated.

Due by the end of July, for the previous plan year (or 7 months after the end of the plan year, for a non-calendar plan).

You are responsible for filing 5500-EZ if required. Carry will reach out with annual reminders around early July. For pre-approved Opinion Letter and plan codes, or other questions on how to fill out the form reach out to us at support@carry.com.

As your own Solo 401k plan administrator, you are responsible for generating and filing your Solo 401k 1099-R if required, it will not be automatically generated for you. Carry will reach out with annual reminders in January.

This form is required for withdrawals, in-plan conversions, and other tax-reportable events. This form is not typically required for contributions.

Here are some examples that would require filing form 1099-R:

• In-plan Roth conversion

• Rollover from the Solo 401k to an IRA annuity

• Required Minimum Distribution

• Early withdrawal from the 401k

• Regular distribution from the 401k

• Rollover from any funds in Solo 401k on Carry to an IRA or other retirement plan

If there are no transactions that are required to be reported for the calendar year, Form 1099-R should not be filed.

Your "participant copy," used to prepare your individual tax return, should be finalized by January 31, 2024 and e-filed with the IRS by March 31 (paper filing is due earlier by February 28).

Required for years in which you have a tax liability from the plan, such as due to a taxable conversion or withdrawal.

Not required for any year in which you do not have such liability.

You are responsible for filing 945 if required.

Required for reporting excess plan contributions and other plan failures.

Due by the end of July, for the previous plan year (or 7 months after the end of the plan year, for a non-calendar plan).

You are responsible for filing 5330 if required. You should work with an accountant or attorney who is familiar with the over-contribution correction process, as there may be additional steps and reports required (for example, a corrected W-2).

Optional, Form 8881 Part II is used to claim the EACA auto-enrollment credit.

Due with your business tax return.

You should work with your business's accountant to file Form 8881 if you are claiming the EACA auto-enrollment credit.

Generated to show the fair market value of an IRA.

For IRAs where DriveWealth is the custodian, DriveWealth will generate the FMV statement typically by late February.

Required for withdrawals, conversions, and other tax-reportable events.

For IRAs where DriveWealth is the custodian, DriveWealth will generate a 1099-R for your account typically by late February.

Required for IRA contributions.

For IRAs where DriveWealth is the custodian, DriveWealth will generate the 5498 typically in May.

Used to report non-deductible contributions to traditional IRAs and conversions.

Due with your individual tax return.

You should work with your personal accountant to file Form 8606 if you have made non-deductible Traditional IRA contributions or conversions. This form is not generated by the custodian.

Required for Individual taxable brokerage accounts.

A consolidated 1099 will be generated if you had an account with transactions that would require this be generated. The custodian, DriveWealth will generate the 1099 For taxable brokerage accounts with Carry with transactions that generate a consolidated 1099 typically by late February for the prior year.