1099-R Information Guide
If you withdrew any money from your Acorns Later account in the 2018 calendar year, you’ll get a 1099-R form. The information on a 1099-R form is reported by Acorns to you and the IRS.
We created this 1099 Information Guide to help you understand the form and how it relates to your taxes. Acorns does not provide tax advice. This information is for informational purposes. Please consult a tax professional for guidance.
Box 1 - Gross Distribution
Gross distributions account for all withdrawals made in the calendar year 2018 from an Acorns Later IRA. This amount is the total amount before taxes were deducted.
Box 4 - Federal Income Tax Withheld
This is the total amount of Federal income taxes that were withheld from distributions made in 2018.
Box 7 - Distribution Codes
This section outlines the type of Acorns Later IRA and the type of distribution that was made. The IRS talks about distribution codes here. They are also outlined on page 2 of the 1099-R.
Box 12- State Tax Withheld
This is the total amount of State income taxes that were withheld from distributions made in 2018.