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What is a 1099-R, and will I receive one?

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A 1099-R reports distributions from retirement accounts, such as IRAs and 401(k)s.

You will receive a 1099-R from Betterment on Jan. 31, 2025 if you had a Betterment IRA or 401(k) and, in 2024, you:

  • Took $10 or more in total distributions from a Betterment IRA or 401(k), or
  • Completed a rollover from a Betterment 401(k) to another retirement plan, or
  • Rolled over a Betterment IRA to an employer-sponsored plan (e.g., 401(k) or 403(b)), or
  • Completed an indirect IRA rollover (transferred funds from a Betterment IRA to another IRA within 60 days), or
  • Converted a traditional IRA to a Roth IRA, or
  • Recharacterized an IRA, or
  • Had any amount of tax withholding

You will not receive a 1099-R for a direct trustee-to-trustee transfer from a Betterment IRA to another IRA at a different institution.