The IRS has released updated versions of Form 1099-R, Form 5498, and the accompanying Instructions for Forms 1099-R and 5498 for tax year 2026. This year’s release reflects some of the most significant structural and substantive changes to these forms in recent memory, driven in large part by new legislation establishing Trump accounts as a reportable retirement account type. Trustees, issuers, plan administrators, and IRA custodians should take note of the scope of these changes.
The 2026 Form 1099-R has been substantially redesigned. The payer and recipient address blocks have been expanded into discrete labeled fields across all form copies. Box 7, which previously contained a single distribution code field and an IRA/SEP/SIMPLE checkbox, has been restructured into four sub-boxes to accommodate Trump account reporting, including a new checkbox and a new dollar amount field for earnings on excess contributions subject to a 100% tax. Box 8 has similarly been split into two sub-boxes separating the actuarial value of annuity contracts from the percentage of distribution field.
The 2026 Form 5498 has been updated in parallel, with the trustee/issuer and participant address blocks redesigned to match the discrete field structure introduced on Form 1099-R. Box 11 has been rolled forward to reflect the 2027 RMD year, and boxes 14a and 14b have been updated to add a new repayment type and code for qualified first-time home purchase distributions.
The 2026 Instructions for Forms 1099-R and 5498 provide detailed guidance on the new Trump account reporting framework, including distribution scenarios, applicable box entries, and distribution code table changes. The instructions also note that a new Form 5498-TA applies to Trump accounts during the account beneficiary’s growth period, with Form 5498 applicable only after that period ends. Additional updates include revised catch-up contribution limits for Form 5498 purposes, an optional reporting rule for annuitized contract values in box 8a for tax year 2026, and advance notice that qualified long-term care distributions will be reportable on Form 1099-R beginning with tax years after 2026.
These changes collectively represent a meaningful update to the information return reporting landscape for retirement distributions and IRA contributions. Filers and those who support retirement plan reporting should review the updated forms and instructions carefully in advance of the 2026 filing season.
To view the current Form 1099-R, click here.
To view the current Form 5498, click here.
To view the current Instructions for Forms 1099-R and 5498, click here.
