Frequently Asked Questions

Quick answers to your most immediate questions

How can we help you?

  • 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).

  • How do I receive my statements?

    You have two options for receiving statements

    • View and download through Millennium Trust Online
    • Receive paper statements in the mail (additional fee may apply)
  • How can I change my statement notification preference?

    You simply complete and submit the web access form to indicate your change.

  • When are statements available?

    Statements are typically available 25 business days after the calendar quarter ends.

  • What tax forms does Millennium Trust send out?

    Millennium Trust sends out 1099Rs to IRA owners by January 30 for the previous tax year. IRA tax form 5498 is generated and mailed out to account owners typically by May 31. For taxable accounts 1099-DIVs, and 1099-INTs are sent by January 30 for the previous tax year.

  • What are my options for receiving tax forms?

    At this time, all tax forms are mailed to account owners.