Frequently Asked Questions (FAQs) | Schwab - Millennium Trust Company

Millennium Trust Company

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Statements/Tax Forms

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Statements/Tax Forms
  • What does "Cash Sweep Account" mean?

    Millennium Trust provides a Cash Sweep Program for the investment of idle cash in multiple unaffiliated banks that provide up to $5 million in FDIC insurance per account. When viewing your account statement or your holdings online, the cash balance held in the program is reflected as "Cash Sweep Account".

  • Will I receive a tax form 1099-R?

    The 1099-R is used to report rollovers and/or distributions from qualified retirement accounts and IRAs. You will receive a 1099-R during the calendar year if:

    • Your qualified retirement plan rolled over to an IRA for you at Millennium Trust.
    • You took a taxable distribution or executed a direct rollover to a current employer's qualified plan from your IRA at Millennium Trust.

    All 1099-Rs will be mailed by January 31 of the year following the above event(s).

  • Will I receive a tax form 5498?

    The 5498 is used to report contributions, including rollovers, made to an IRA for the current tax year. You will receive a 5498 if:

    • Your qualified retirement plan was automatically rolled over to an IRA for you at Millennium Trust and/or you made any other current year contributions.

    It also is used to report the fair market value (FMV) of your IRA as of December 31 of the reporting year. The 5498 will be mailed by May 31 in the year following the above event(s).