Roth & cert. of deposit (CD) versus 1099?

I have Roth IRA funds invested in a bank 2 year Certificate of Deposit (CD).

I opened this CD February 2012, it matures Feb 2014.

I am 70 years old.

Will I get a yearly IRS 1099 for the interest earned on this Roth CD?

?or will I only get a 1099 at the CD maturity?

?..or will I _NEVER_ be issued a 1099?

Unhappily, I get conflicting answers at the bank where I purchased this CD.

Tnx folks??..

Lee C.

Reply to
Lee c
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1099-INTs are never issued for any type of IRA or qualified retirement plan.
Reply to
Alan

" Thank you" for the prompt response! I should have worded my query a bit differently. Please let me try again:

Will I get a yearly IRS 1099 of any kind (INT, DIV, R, B, etc) for the interest earned on this Roth CD? No distributions are involved.

or will I only get a 1099 (of any kind) at the CD maturity?

..or will I _NEVER_ be issued a 1099 of any flavor?

Thank you for responding.

Lee C.

Reply to
Lee c

1099-INTs are never issued for any type of IRA or qualified retirement plan. ==============...SHOULD never be issued ....

Banks make all kinds of tax mistakes.

Reply to
D. Stussy

You should not receive any 1099-INT or DIV, ever. You should get an annual Form 5498 reporting year end balance in your IRA.

When the CD matures, and whether you take a distribution from the Roth IRA, are two separate events. By default, the bank will undoubtedly renew the CD (within the IRA) at then-current rates if you don't take action during the brief grace period after maturity.

If and when you eventually take a distribution from this IRA (again, no connection to when your CD matures), you will probably receive a 1099-R.

Reply to
Mark Bole

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