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The IRS recently released the draft 2015 instructions for 1099-R and 5498. There are some oddities in the instructions for reporting on the alternative or non-publicly traded assets. For Form 1099-R: -The draft instructions state distribution code K can be combined with codes 1,2,4,7,8,G. None of the Roth codes are listed. The instructions state the reporting is for "IRAs". Based on these 2 notes, are we to assume the code K should be used for account types IRA, SEP and SIMPLE IRAs, but not for Roth IRAs or qualified plans? -Code 8 was added to the draft, but not code P. In no other combination do I see the 8 without the P. Do we think that is intentional or an oversight? -In my view, distribution code K should be used in conjunction with another code, it is not intended to be used alone, do others agree? For Form 5498: -What are the rules for reporting Form 5498 if box 15 a/b is populated for an IRA with FMV only (no contributions)? Must a 5498 be mailed in this case? I assumed yes, until I reviewed the draft instructions, which suggest only the IRS must received the 5498 and we can continue to use the alternative method for reporting FMVs to participants. Do you agree? -How are other firms planning to handle the FMV reporting for alternative assets? Will you update your statement or January FMV mailing? Will you mail 5498s for these recipients? What is the impact to your firm? I am interested in how others in the industry view these changes.