Top Ten Tax-Related Questions

How do I know if I should have a tax form to report my distribution or my loan default I took last year (1099 form)?

If you took a distribution from your 403(b), 401(k), or IRA or you defaulted on a loan, you will receive a tax form called a 1099. 

 

When were the 1099 forms sent to me?

The 1099 forms were mailed within 2 weeks of your distribution or loan default. If you need to request a copy, please email [email protected] and we will get that form to you within 2 business days.

 

How do I get a copy of my 1099 form?

Email [email protected] to request your copy.

 

Will I get a 1099 form if I defaulted on my loan?

Once the loan is in default, it is considered a distribution. You will be liable and responsible for taxes and penalties on the outstanding loan balance at tax time. You should receive a form 1099R within a few weeks of the loan default indicating the taxable amount.

 

What are the different 1099 forms?

There are several different types of 1099 forms. Below, you will find definitions for the most common 1099 forms someone could receive at tax time.

  • 1099-DIV: The 1099-DIV reports taxable dividends or capital gains paid during the year.
  • 1099-B: The 1099-B reports the total dollar amount of proceeds you received from each sale or exchange of fund shares (except money market funds). You will need the information on your Form 1099-B and possibly your year-end statement(s) to calculate your capital gain or loss.
  • 1099-R: The 1099-R reports total and partial distributions from the retirement accounts, including housing allowance.

*Envoy does not send out 1099-DIV or 1099-B forms.

Will the 1099 and other tax documents come from Envoy Financial?

No, tax documents will come from the Custodian of your account (i.e. Matrix Trust Company).

 

Will I get any tax documents regarding my contributions into my 403(b), 401(k), or IRA for the year?

If you are making contributions into your retirement account, you should see this on your W2 from your organization. You will not receive any separate tax documents regarding your contributions into your qualified retirement account. You may qualify to make additional tax deductible contributions to an Envoy Choice IRA. You have until April 18, 2017, to contribute up to $5,500 total for the 2016 tax year ($6,500 if you are over age 50). This is an addition to what you contributed to your 403(b) or 401(k) last year. 

Contact your Envoy Service Team at (888) 879-1376 or by email to open an Envoy Choice IRA.

 

What if I have questions about my taxes?

Please consult your tax advisor for answers to questions about your individual tax situation. They will be able to assist you with your individual tax questions.

 

How can I request the tax information my CPA needs?

You should receive the tax information you need by mail within 2 weeks of the distribution or loan default.  To request additional information please contact you Envoy Service team at [email protected]

 

Can I reduce my taxes for last year?

Yes, you may be eligible to contribute to an Envoy Choice IRA. You have until April 18, 2017, to contribute up to $5,500 for the 2016 tax year (and up to an additional $1,000 if you are age 50 or older) to an Envoy Choice IRA. This is in addition to what you contributed to your 403(b) or 401(k) last year. 

Contact our Service Team at (888) 879-1376 or by email to open an IRA.

 

*Your form is mailed to your address on file.