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The IRS 1099-R form plays a significant role in the financial landscape for individuals who have received distributions from retirement plans, pensions, or other similar sources. This form not only facilitates the reporting of income but also conveys vital details such as the total amount distributed, the tax withheld, and the type of distribution—whether it’s a normal distribution, early distribution, or a rollover. Understanding the nuances of this form is crucial for recipients, as it affects tax filing and overall financial planning. Throughout the tax season, the 1099-R form provides both taxpayers and tax professionals with essential information to ensure accurate reporting and compliance with federal regulations. It can reflect various codes in Box 7, indicating the nature of the distribution, which allows individuals to differentiate between different tax implications. Familiarity with the 1099-R form helps individuals navigate their financial responsibilities while maximizing their tax benefits.

IRS 1099-R Example

Attention:

Copy A of this form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. The official printed version of Copy A of this IRS form is scannable, but the online version of it, printed from this website, is not. Do not print and file copy A downloaded from this website; a penalty may be imposed for filing with the IRS information return forms that can’t be scanned. See part O in the current General Instructions for Certain Information Returns, available at www.irs.gov/form1099, for more information about penalties.

Please note that Copy B and other copies of this form, which appear in black, may be downloaded and printed and used to satisfy the requirement to provide the information to the recipient.

To order official IRS information returns, which include a scannable Copy A for filing with the IRS and all other applicable copies of the form, visit www.IRS.gov/orderforms. Click on Employer and Information Returns, and we’ll mail you the forms you request and their instructions, as well as any publications you may order.

Information returns may also be filed electronically using the IRS Filing Information Returns Electronically (FIRE) system (visit www.IRS.gov/FIRE) or the IRS Affordable Care Act Information Returns (AIR) program (visit www.IRS.gov/AIR).

See IRS Publications 1141, 1167, and 1179 for more information about printing these tax forms.

9898

VOID

CORRECTED

PAYER’S name, street address, city or town, state or province,

1

Gross distribution

OMB No. 1545-0119

 

 

Distributions From

country, ZIP or foreign postal code, and phone no.

 

 

 

 

 

 

 

 

 

 

 

 

 

Pensions, Annuities,

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

2020

 

 

Retirement or

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit-Sharing Plans,

 

 

 

 

 

 

 

 

 

2a

Taxable amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRAs, Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

Form 1099-R

 

 

Contracts, etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2b Taxable amount

 

 

Total

 

 

Copy A

 

 

 

 

 

 

 

 

 

 

not determined

 

 

distribution

 

 

For

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PAYER’S TIN

 

 

 

 

RECIPIENT’S TIN

 

 

3

Capital gain (included

4 Federal income tax

 

Internal Revenue

 

 

 

 

 

 

 

 

 

 

in box 2a)

 

 

 

 

withheld

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Center

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

File with Form 1096.

RECIPIENT’S name

 

 

 

 

 

5

Employee contributions/

6 Net unrealized

 

 

For Privacy Act

 

 

 

 

 

 

 

 

 

 

Designated Roth

 

 

appreciation in

 

 

 

 

 

 

 

 

 

 

 

 

contributions or

 

 

employer’s securities

and Paperwork

 

 

 

 

 

 

 

 

 

$

insurance premiums

$

 

 

 

 

 

Reduction Act

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notice, see the

Street address (including apt. no.)

 

 

7

Distribution

 

IRA/

8 Other

 

 

 

2020 General

 

 

 

 

 

 

 

 

 

 

code(s)

 

SEP/

 

 

 

 

 

 

Instructions for

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIMPLE

$

 

 

 

 

 

Certain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information

City or town, state or province, country, and ZIP or foreign postal code

9a

Your percentage of total

9b Total employee contributions

Returns.

 

 

 

 

 

 

 

 

 

 

distribution

%

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10 Amount allocable to IRR

 

11 1st year of desig.

 

12 FATCA filing

14

State tax withheld

 

15 State/Payer’s state no.

16 State distribution

within 5 years

 

 

 

Roth contrib.

 

 

requirement

$

 

 

 

 

 

 

 

 

 

 

 

$

$

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

$

Account number (see instructions)

 

 

 

13 Date of

17

Local tax withheld

 

18 Name of locality

19 Local distribution

 

 

 

 

 

 

 

payment

$

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

$

Form 1099-R

Cat. No. 14436Q

 

 

 

 

www.irs.gov/Form1099R

 

 

 

 

Department of the Treasury - Internal Revenue Service

Do Not Cut

or Separate Forms on

This Page

—

Do Not

Cut

or Separate

Forms on This Page

VOID

CORRECTED

PAYER’S name, street address, city or town, state or province,

1

Gross distribution

OMB No. 1545-0119

 

 

Distributions From

country, ZIP or foreign postal code, and phone no.

 

 

 

 

 

 

 

 

Pensions, Annuities,

 

 

 

 

 

 

$

 

 

 

2020

 

 

Retirement or

 

 

 

 

 

 

 

 

 

 

Profit-Sharing Plans,

 

 

 

 

 

 

2a

Taxable amount

 

 

 

 

 

 

 

 

 

 

 

IRAs, Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

Form 1099-R

 

 

Contracts, etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2b Taxable amount

 

Total

 

Copy 1

 

 

 

 

 

 

 

not determined

 

distribution

 

For

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PAYER’S TIN

 

 

RECIPIENT’S TIN

 

3

Capital gain (included

4 Federal income tax

 

 

 

 

 

State, City,

 

 

 

 

 

 

 

in box 2a)

 

withheld

 

 

 

 

 

 

 

 

 

 

or Local

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

$

 

 

 

Tax Department

 

 

 

 

 

 

 

 

 

 

 

 

 

RECIPIENT’S name

 

 

 

 

 

5

Employee contributions/

6 Net unrealized

 

 

 

 

 

 

 

 

 

Designated Roth

 

appreciation in

 

 

 

 

 

 

 

 

 

contributions or

 

employer’s securities

 

 

 

 

 

 

 

 

insurance premiums

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

$

 

 

 

 

Street address (including apt. no.)

 

 

 

7

Distribution

 

IRA/

8 Other

 

 

 

 

 

 

 

 

 

 

code(s)

 

SEP/

 

 

 

 

 

 

 

 

 

 

 

 

 

SIMPLE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

%

 

City or town, state or province, country, and ZIP or foreign postal code

9a

Your percentage of total

9b Total employee contributions

 

 

 

 

 

 

 

 

distribution

%

$

 

 

 

 

10 Amount allocable to IRR

11 1st year of desig.

 

12 FATCA filing

14

State tax withheld

 

15 State/Payer’s state no.

16 State distribution

within 5 years

 

 

Roth contrib.

 

requirement

$

 

 

 

 

 

 

 

$

$

 

 

 

 

 

$

 

 

 

 

 

 

 

$

Account number (see instructions)

 

 

13 Date of

17

Local tax withheld

 

18 Name of locality

 

19 Local distribution

 

 

 

 

 

payment

$

 

 

 

 

 

 

 

$

 

 

 

 

 

 

$

 

 

 

 

 

 

 

$

Form 1099-R

 

 

www.irs.gov/Form1099R

 

 

 

 

Department of the Treasury - Internal Revenue Service

CORRECTED (if checked)

PAYER’S name, street address, city or town, state or province,

1 Gross distribution

OMB No. 1545-0119

 

 

Distributions From

country, ZIP or foreign postal code, and phone no.

 

 

 

 

 

 

 

Pensions, Annuities,

 

 

 

 

 

$

 

 

2020

 

 

Retirement or

 

 

 

 

 

 

 

 

Profit-Sharing Plans,

 

 

 

 

 

2a Taxable amount

 

 

 

 

 

 

 

 

 

 

IRAs, Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

Form 1099-R

 

 

Contracts, etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2b Taxable amount

 

Total

 

Copy B

 

 

 

 

 

not determined

 

distribution

 

Report this

 

 

 

 

 

 

 

 

 

 

 

 

PAYER’S TIN

 

RECIPIENT’S TIN

 

3 Capital gain (included

4 Federal income tax

 

 

 

 

income on your

 

 

 

 

 

in box 2a)

 

withheld

 

 

 

 

 

 

 

 

federal tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

$

 

 

 

return. If this

 

 

 

 

 

 

 

 

 

 

form shows

RECIPIENT’S name

 

 

 

 

5 Employee contributions/

6 Net unrealized

 

federal income

 

 

 

 

 

Designated Roth

 

appreciation in

 

tax withheld in

 

 

 

 

 

contributions or

 

employer’s securities

box 4, attach

 

 

 

 

 

insurance premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

this copy to

 

 

 

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

your return.

Street address (including apt. no.)

 

7 Distribution

 

IRA/

8 Other

 

 

 

 

 

 

 

 

 

 

 

 

 

code(s)

 

SEP/

 

 

 

 

 

 

 

 

 

 

 

SIMPLE

 

 

 

 

This information is

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

%

 

 

 

 

 

 

 

 

 

 

being furnished to

City or town, state or province, country, and ZIP or foreign postal code

9a Your percentage of total

9b Total employee contributions

the IRS.

 

 

 

 

 

distribution

 

$

 

 

 

 

 

 

 

 

%

 

 

 

 

10 Amount allocable to IRR

11 1st year of desig.

 

12 FATCA filing

14 State tax withheld

 

15 State/Payer’s state no.

16 State distribution

within 5 years

 

Roth contrib.

 

requirement

$

 

 

 

 

 

 

$

$

 

 

 

 

$

 

 

 

 

 

 

$

Account number (see instructions)

 

 

13 Date of

17 Local tax withheld

 

18 Name of locality

 

19 Local distribution

 

 

 

 

payment

$

 

 

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

 

$

Form 1099-R

 

www.irs.gov/Form1099R

 

 

 

Department of the Treasury - Internal Revenue Service

Instructions for Recipient

Generally, distributions from retirement plans (IRAs, qualified plans, section 403(b) plans, and governmental section 457(b) plans), insurance contracts, etc., are reported to recipients on Form 1099-R. Qualified plans and section 403(b) plans. If your annuity starting date is after 1997, you must use the simplified method to figure your taxable amount if your payer didn’t show the taxable amount in box 2a. See the instructions for your tax return.

IRAs. For distributions from a traditional individual retirement arrangement (IRA), simplified employee pension (SEP), or savings incentive match plan for employees (SIMPLE), generally the payer isn’t required to compute the taxable amount. See the instructions for your tax return to determine the taxable amount. If you’re at least age 70½ by the end of 2019 (age 72 by the end of later years), you must take minimum distributions from your IRA (other than a Roth IRA). If you don’t, you’re subject to a 50% excise tax on the amount that should’ve been distributed. See Pub. 590-A and Pub. 590-B for more information on IRAs.

Roth IRAs. For distributions from a Roth IRA, generally the payer isn’t required to compute the taxable amount. You must compute any taxable amount on Form 8606. An amount shown in box 2a may be taxable earnings on an excess contribution.

Loans treated as distributions. If you borrow money from a qualified plan, section 403(b) plan, or governmental section 457(b) plan, you may have to treat the loan as a distribution and include all or part of the amount borrowed in your income. There are exceptions to this rule. If your loan is taxable, code L will be shown in box 7. See Pub. 575. Recipient’s taxpayer identification number (TIN). For your protection, this form may show only the last four digits of your TIN (SSN, ITIN, ATIN, or EIN). However, the payer has reported your complete TIN to the IRS.

Account number. May show an account, policy, or other unique number the payer assigned to distinguish your account.

Box 1. Shows the total amount you received this year. The amount may have been a direct rollover, a transfer or conversion to a Roth IRA, a recharacterized IRA contribution; or you may have received it

as periodic payments, nonperiodic payments, or a total distribution. Report the amount on Form 1040, 1040-SR, or 1040-NR on the line for “IRAs, pensions, and annuities” (or the line for “Taxable amount”) and on Form 8606, as applicable. However, if this is a lump-sum distribution, see Form 4972. If you haven’t reached minimum retirement age, report your disability payments on the line for “Wages, salaries, tips, etc.” on your tax return. Also report on that line permissible withdrawals from eligible automatic contribution arrangements and corrective distributions of excess deferrals, excess contributions, or excess aggregate contributions except if the distribution is of designated Roth contributions or your after-tax contributions or if you’re self-employed.

If a life insurance, annuity, qualified long-term care, or endowment contract was transferred tax free to another trustee or contract issuer, an amount will be shown in this box and code 6 will be shown in box

7.If a charge or payment was made against the cash value of an annuity contract or the cash surrender value of a life insurance contract for the purchase of qualified long-term care insurance, an amount will be shown in this box and code W will be shown in box 7. You need not report these amounts on your tax return. If code C is shown in box 7, the amount shown in box 1 is a receipt of reportable death benefits that is taxable in part.

Box 2a. This part of the distribution is generally taxable. If there is no entry in this box, the payer may not have all the facts needed to figure the taxable amount. In that case, the first box in box 2b should be checked. You may want to get one of the free publications from the IRS to help you figure the taxable amount. See Additional information on the back of Copy 2. For an IRA distribution, see IRAs and Roth IRAs, earlier. For a direct rollover, other than from a qualified plan, sec. 403(b) plan, or governmental sec. 457(b) plan to a designated Roth account in the same plan or to a Roth IRA, zero should be shown and you must enter zero (-0-) on the “Taxable amount” line of your tax return. If you roll over a distribution (other than a distribution from a designated Roth account) from a qualified plan, sec. 403(b) plan, or governmental sec. 457(b) plan to a designated Roth account in the same plan or to a Roth IRA,

(Continued on the back of Copy C)

CORRECTED (if checked)

PAYER’S name, street address, city or town, state or province,

1

Gross distribution

 

OMB No. 1545-0119

 

 

Distributions From

country, ZIP or foreign postal code, and phone no.

 

 

 

 

 

 

 

 

 

Pensions, Annuities,

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

Retirement or

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit-Sharing Plans,

 

 

 

 

 

 

2a

Taxable amount

 

2020

 

 

 

 

 

 

 

 

 

 

 

IRAs, Insurance

 

 

 

 

 

 

$

 

 

 

 

Form 1099-R

 

 

 

Contracts, etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2b Taxable amount

 

 

Total

 

 

Copy C

 

 

 

 

 

 

 

not determined

 

 

distribution

 

 

For Recipient’s

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PAYER’S TIN

 

 

RECIPIENT’S TIN

 

3

Capital gain (included

 

4 Federal income tax

 

 

 

 

 

 

 

 

Records

 

 

 

 

 

 

 

in box 2a)

 

 

withheld

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

$

 

 

 

 

 

RECIPIENT’S name

 

 

 

 

5

Employee contributions/

 

6 Net unrealized

 

 

 

 

 

 

 

 

 

 

Designated Roth

 

 

appreciation in

 

 

 

 

 

 

 

 

 

 

contributions or

 

 

employer’s securities

 

 

 

 

 

 

 

 

 

insurance premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

$

 

 

 

 

 

Street address (including apt. no.)

 

7

Distribution

 

IRA/

 

8 Other

 

 

 

 

 

 

 

 

 

 

 

code(s)

 

SEP/

 

 

 

 

 

 

This information is

 

 

 

 

 

 

 

 

SIMPLE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

%

 

being furnished to

City or town, state or province, country, and ZIP or foreign postal code

9a

Your percentage of total

 

9b Total employee contributions

 

the IRS.

 

 

 

 

 

 

 

distribution

%

$

 

 

 

 

 

10 Amount allocable to IRR

11 1st year of desig.

 

12 FATCA filing

14

State tax withheld

 

 

15 State/Payer’s state no.

 

16 State distribution

within 5 years

 

 

Roth contrib.

 

requirement

$

 

 

 

 

 

 

 

 

$

$

 

 

 

 

 

$

 

 

 

 

 

 

 

 

$

Account number (see instructions)

 

13 Date of

17

Local tax withheld

 

 

18 Name of locality

 

 

19 Local distribution

 

 

 

 

 

payment

$

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

$

Form 1099-R

(keep for your records)

www.irs.gov/Form1099R

 

 

Department of the Treasury - Internal Revenue Service

Instructions for Recipient (continued)

you must include on the “Taxable amount” line of your tax return the amount shown in this box plus the amount in box 6, if any.

If this is a total distribution from a qualified plan and you were born before January 2, 1936 (or you’re the beneficiary of someone born before January 2, 1936), you may be eligible for the 10-year tax option. See the Form 4972 instructions for more information.

If you’re an eligible retired public safety officer who elected to exclude from income distributions from your eligible plan used to pay certain insurance premiums, the amount shown in box 2a hasn’t been reduced by the exclusion amount. See the instructions for your tax return for more information.

Box 2b. If the first box is checked, the payer was unable to determine the taxable amount and box 2a should be blank, except for an IRA. It’s your responsibility to determine the taxable amount. If the second box is checked, the distribution was a total distribution that closed out your account.

Box 3. If you received a lump-sum distribution from a qualified plan and were born before January 2, 1936 (or you’re the beneficiary of someone born before January 2, 1936), you may be able to elect to treat this amount as a capital gain on Form 4972 (not on Schedule D (Forms 1040 and 1040-SR)). See the Form 4972 instructions. For a charitable gift annuity, report as a long-term capital gain as explained in the Instructions for Form 8949.

Box 4. Shows federal income tax withheld. Include this amount on your income tax return as tax withheld, and if box 4 shows an amount (other than zero), attach Copy B to your return. Generally, if you receive payments that aren’t eligible rollover distributions, you can change your withholding or elect not to have income tax withheld by giving the payer Form W-4P.

Box 5. Generally, this shows the employee’s investment in the contract (after-tax contributions), if any, recovered tax free this year; the portion that’s your basis in a designated Roth account; the part of premiums paid on commercial annuities or insurance contracts recovered tax free; the nontaxable part of a charitable gift annuity; or the investment in a life insurance contract reportable under section 6050Y. This box doesn’t show any IRA contributions. If the amount shown is your basis in a designated Roth account, the year you first made contributions to that account may be entered in box 11.

Box 6. If you received a lump-sum distribution from a qualified plan that includes securities of the employer’s company, the net unrealized appreciation (NUA) (any increase in value of such securities while in the trust) is taxed only when you sell the securities unless you choose to include it in your gross income this year. See Pub. 575 and

Form 4972. If you roll over the distribution to a designated Roth account in the same plan or to a Roth IRA, see the instructions for box 2a. For a direct rollover to a designated Roth account in the same plan or to a Roth IRA, the NUA is included in box 2a. If you didn’t receive a lump-sum distribution, the amount shown is the NUA attributable to employee contributions, which isn’t taxed until you sell the securities. Box 7. The following codes identify the distribution you received. For more information on these distributions, see the instructions for your tax return. Also, certain distributions may be subject to an additional 10% tax. See the Instructions for Form 5329.

1—Early distribution, no known exception (in most cases, under age 59½).

2—Early distribution, exception applies (under age 59½). 3—Disability.

4—Death.

5—Prohibited transaction.

6—Section 1035 exchange (a tax-free exchange of life insurance, annuity, qualified long-term care insurance, or endowment contracts).

7—Normal distribution.

8—Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2020.

9—Cost of current life insurance protection.

A—May be eligible for 10-year tax option (see Form 4972). B—Designated Roth account distribution.

Note: If code B is in box 7 and an amount is reported in box 11, see the Instructions for Form 5329.

C—Reportable death benefits under section 6050Y.

D—Annuity payments from nonqualified annuities that may be subject to tax under section 1411.

E—Distributions under Employee Plans Compliance Resolution System (EPCRS).

(Continued on the back of Copy 2)

CORRECTED (if checked)

PAYER’S name, street address, city or town, state or province,

1

Gross distribution

 

OMB No. 1545-0119

 

 

Distributions From

country, ZIP or foreign postal code, and phone no.

 

 

 

 

 

 

 

 

 

Pensions, Annuities,

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

Retirement or

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit-Sharing Plans,

 

 

 

 

 

 

2a

Taxable amount

 

2020

 

 

 

 

 

 

 

 

 

 

 

IRAs, Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

Form 1099-R

 

 

 

Contracts, etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2b Taxable amount

 

 

Total

 

 

Copy 2

 

 

 

 

 

 

 

not determined

 

 

distribution

 

 

File this copy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PAYER’S TIN

 

 

RECIPIENT’S TIN

 

3

Capital gain (included

 

4 Federal income tax

 

 

 

 

 

 

 

 

with your state,

 

 

 

 

 

 

 

in box 2a)

 

 

withheld

 

 

 

 

 

 

 

 

 

 

 

 

 

city, or local

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

$

 

 

 

 

income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

return, when

RECIPIENT’S name

 

 

 

 

 

5

Employee contributions/

 

6 Net unrealized

 

 

required.

 

 

 

 

 

 

 

Designated Roth

 

 

appreciation in

 

 

 

 

 

 

 

 

 

 

contributions or

 

 

employer’s securities

 

 

 

 

 

 

 

 

 

insurance premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

$

 

 

 

 

 

Street address (including apt. no.)

 

 

 

7

Distribution

 

IRA/

 

8 Other

 

 

 

 

 

 

 

 

 

 

 

code(s)

 

SEP/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIMPLE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

%

 

 

City or town, state or province, country, and ZIP or foreign postal code

9a

Your percentage of total

 

9b Total employee contributions

 

 

 

 

 

 

 

 

 

distribution

%

$

 

 

 

 

 

10 Amount allocable to IRR

11 1st year of desig.

 

12 FATCA filing

14

State tax withheld

 

 

15 State/Payer’s state no.

 

16 State distribution

within 5 years

 

 

Roth contrib.

 

requirement

$

 

 

 

 

 

 

 

 

$

$

 

 

 

 

 

$

 

 

 

 

 

 

 

 

$

Account number (see instructions)

 

 

13 Date of

17

Local tax withheld

 

 

18 Name of locality

 

 

19 Local distribution

 

 

 

 

 

payment

$

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

$

Form 1099-R

 

 

www.irs.gov/Form1099R

 

 

 

 

 

Department of the Treasury - Internal Revenue Service

Instructions for Recipient (continued)

F—Charitable gift annuity.

G—Direct rollover of a distribution to a qualified plan, a section 403(b) plan, a governmental section 457(b) plan, or an IRA.

H—Direct rollover of a designated Roth account distribution to a Roth IRA.

J—Early distribution from a Roth IRA, no known exception (in most cases, under age 59½).

K—Distribution of traditional IRA assets not having a readily available FMV.

L—Loans treated as distributions. M—Qualified plan loan offset.

N—Recharacterized IRA contribution made for 2020 and recharacterized in 2020.

P—Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2019.

Q—Qualified distribution from a Roth IRA.

R—Recharacterized IRA contribution made for 2019 and recharacterized in 2020.

S—Early distribution from a SIMPLE IRA in first 2 years, no known exception (under age 59½).

T—Roth IRA distribution, exception applies.

U—Dividend distribution from ESOP under section 404(k). Note: This distribution isn’t eligible for rollover.

W—Charges or payments for purchasing qualified long-term care insurance contracts under combined arrangements.

If the IRA/SEP/SIMPLE box is checked, you’ve received a traditional IRA, SEP, or SIMPLE distribution.

Box 8. If you received an annuity contract as part of a distribution, the value of the contract is shown. It isn’t taxable when you receive it and shouldn’t be included in boxes 1 and 2a. When you receive periodic payments from the annuity contract, they’re taxable at that time. If the distribution is made to more than one person, the percentage of the annuity contract distributed to you is also shown. You’ll need this information if you use the 10-year tax option (Form 4972). If charges

were made for qualified long-term care insurance contracts under combined arrangements, the amount of the reduction in the investment (but not below zero) in the annuity or life insurance contract is reported here.

Box 9a. If a total distribution was made to more than one person, the percentage you received is shown.

Box 9b. For a life annuity from a qualified plan or from a section 403(b) plan (with after-tax contributions), an amount may be shown for the employee’s total investment in the contract. It is used to compute the taxable part of the distribution. See Pub. 575.

Box 10. If an amount is reported in this box, see the Instructions for Form 5329 and Pub. 575.

Box 11. The first year you made a contribution to the designated Roth account reported on this form is shown in this box.

Box 12. If box 12 is checked, the payer is reporting on this Form 1099 to satisfy its chapter 4 account reporting requirement under FATCA. You may also have a filing requirement. See the Instructions for Form 8938.

Box 13. Shows the date of payment for reportable death benefits under section 6050Y.

Boxes 14–19. If state or local income tax was withheld from the distribution, boxes 16 and 19 may show the part of the distribution subject to state and/or local tax.

Additional information. You may want to see:

Form W-4P, Form 4972, Form 5329, Form 8606

Pub. 525, Taxable and Nontaxable Income Pub. 560, Retirement Plans for Small Business Pub. 571, Tax-Sheltered Annuity Plans

Pub. 575, Pension and Annuity Income Pub. 590-A, Contributions to IRAs Pub. 590-B, Distributions from IRAs

Pub. 721, U.S. Civil Service Retirement Benefits Pub. 939, General Rule for Pensions and Annuities Pub. 969, HSAs and Other Tax-Favored Health Plans

VOID

CORRECTED

PAYER’S name, street address, city or town, state or province,

1

Gross distribution

 

OMB No. 1545-0119

 

 

Distributions From

country, ZIP or foreign postal code, and phone no.

 

 

 

 

 

 

 

 

 

Pensions, Annuities,

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

Retirement or

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit-Sharing Plans,

 

 

 

 

 

 

2a

Taxable amount

 

2020

 

 

 

 

 

 

 

 

 

 

 

IRAs, Insurance

 

 

 

 

 

 

$

 

 

 

 

Form 1099-R

 

 

 

Contracts, etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2b Taxable amount

 

 

Total

 

 

Copy D

 

 

 

 

 

 

 

not determined

 

 

distribution

 

 

For Payer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PAYER’S TIN

 

 

RECIPIENT’S TIN

 

3

Capital gain (included

 

4 Federal income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in box 2a)

 

 

withheld

 

 

 

 

 

 

 

 

 

$

 

 

 

$

 

 

 

 

 

RECIPIENT’S name

 

 

 

 

 

5

Employee contributions/

 

6 Net unrealized

 

 

For Privacy Act

 

 

 

 

 

 

 

Designated Roth

 

 

appreciation in

 

 

 

 

 

 

 

 

 

contributions or

 

 

employer’s securities

 

and Paperwork

 

 

 

 

 

 

 

insurance premiums

 

 

 

 

 

 

Reduction Act

 

 

 

 

 

 

$

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notice, see the

Street address (including apt. no.)

 

 

 

7

Distribution

 

IRA/

 

8 Other

 

 

 

2020 General

 

 

 

 

 

 

 

code(s)

 

SEP/

 

 

 

 

 

 

Instructions for

 

 

 

 

 

 

 

 

 

SIMPLE

$

 

 

 

 

Certain

 

 

 

 

 

 

 

 

 

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information

City or town, state or province, country, and ZIP or foreign postal code

9a

Your percentage of total

 

9b Total employee contributions

 

 

 

Returns.

 

 

 

 

 

 

 

distribution

%

$

 

 

 

 

 

10 Amount allocable to IRR

11 1st year of desig.

 

12 FATCA filing

14

State tax withheld

 

 

15 State/Payer’s state no.

 

16 State distribution

within 5 years

 

 

Roth contrib.

 

requirement

$

 

 

 

 

 

 

 

 

$

$

 

 

 

 

 

$

 

 

 

 

 

 

 

 

$

Account number (see instructions)

 

 

13 Date of

17

Local tax withheld

 

 

18 Name of locality

 

 

19 Local distribution

 

 

 

 

 

payment

$

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

$

Form 1099-R

 

 

www.irs.gov/Form1099R

 

 

 

 

 

Department of the Treasury - Internal Revenue Service
Click for IRS 1099-R File

File Breakdown

Fact Name Description
Purpose The IRS 1099-R form is used to report distributions from retirement plans, pensions, and other similar accounts.
Who Receives It Individuals who receive retirement distributions typically get a 1099-R form from the financial institution or plan administrator.
Filing Deadline Form 1099-R must be provided to recipients by January 31st of the year following the distribution.
State-Specific Requirement In some states, additional forms may be required for state income tax purposes, governed by state tax laws.

Guide to Using IRS 1099-R

Once you have gathered the necessary information, it's time to fill out the IRS 1099-R form. This form serves as a reporting document for distributions from pensions, annuities, retirement plans, or similar sources. Accurate completion is crucial for both the taxpayer and the IRS, ensuring that all information is correctly reported.

  1. Begin by obtaining the IRS 1099-R form. You can download it directly from the IRS website or request a printed version.
  2. At the top of the form, provide your name, address, and phone number if applicable, in the "Payer" section.
  3. Enter the recipient's information in the "Recipient" section. This includes their name, address, and taxpayer identification number (TIN), which can be a Social Security number or an employer identification number.
  4. Fill in the account number if it applies. This is useful for identifying multiple accounts and making sure the information is clear.
  5. In Box 1, record the gross distribution amount. This is the total payment made prior to deductions.
  6. In Box 2a, if applicable, enter the taxable amount. If all the distribution is taxable, you can write the same figure as in Box 1. If part of the distribution is not taxable, only include the taxable portion.
  7. If any federal income tax was withheld, write that amount in Box 4.
  8. Next, check the appropriate box in Box 7 that describes the distribution type. Options include retirement, early distribution, and more.
  9. Complete any other relevant boxes, such as Box 9 for local tax information if necessary.
  10. Finally, review all entered information to ensure accuracy before submitting the form to the IRS and providing a copy to the recipient.

Get Answers on IRS 1099-R

What is the IRS 1099-R form?

The IRS 1099-R form reports distributions from retirement accounts, pensions, annuities, and other similar sources. It serves as a record for both the individual receiving the distribution and the IRS.

Who receives a 1099-R form?

Individuals who receive distributions from retirement plans, including 401(k)s, IRAs, pension plans, and annuities, typically receive this form. If you've taken money out of your retirement accounts or received an annuity payment, you should expect this form.

When is the 1099-R form issued?

The form is usually sent out by financial institutions or plan administrators by January 31st of the following tax year. It’s crucial to keep an eye out for it to ensure you have the necessary information for your tax filing.

How do I report a 1099-R form on my tax return?

You will report the information from the 1099-R on your federal income tax return. Specifically, you will report the distribution amount, any taxes withheld, and the type of distribution. The details are entered on Form 1040, usually on Line 4a and 4b.

What do the different box numbers on the 1099-R form represent?

The form contains various boxes that indicate different types of information, including:

  • Box 1: Gross distribution amount.
  • Box 2a: Taxable amount of the distribution.
  • Box 7: Distribution code that specifies the type of distribution (e.g., early distribution, rollover, etc.).

What should I do if I don’t receive a 1099-R form?

If you expect to receive a 1099-R and do not get one by early February, contact the financial institution or plan administrator that handled your distribution. Ensure they have your correct address and inquire about the status of the form.

Can I access my 1099-R form online?

Many financial institutions offer online access to your tax documents, including the 1099-R form. Log into your account on their website or mobile app to check for available forms if you prefer digital access.

What if the information on my 1099-R form is incorrect?

If you notice errors on your 1099-R form, contact the issuer immediately. They can issue a corrected form, known as a 1099-R correction, so you can file your taxes accurately.

Are there penalties for not reporting a 1099-R form?

Failing to report a 1099-R might lead to penalties from the IRS. This can include fines for underreporting income. It’s vital to include the income reported on the 1099-R when filing your tax return to avoid these potential issues.

How long should I keep my 1099-R form?

It is recommended to keep your 1099-R form for at least three years after filing your tax return. This period covers the IRS statute of limitations for audits and amendments.

Common mistakes

Filling out the IRS 1099-R form can seem straightforward, but many people make common mistakes that can lead to complications. One frequent error occurs with incorrect taxpayer identification numbers (TIN). It’s crucial to ensure that the TIN matches the name on the form. Any discrepancies could delay processing or cause the IRS to misattribute tax liabilities.

Another common mistake is failing to report all distributions. Some individuals receive multiple payments throughout the year but may forget to include every instance. This omission could lead to an underreporting of income, which can have serious tax implications.

Inaccurate amounts reported in Box 1 is also a pitfall. This box should reflect the total taxable amount of the distribution. Be sure to double-check calculations; an error here can result in underpayment or overpayment of taxes.

People often neglect to indicate whether any federal income tax was withheld. Box 4 should be filled out if tax was taken from distributions. Leaving this blank can confuse both the IRS and the recipient about the actual tax situation.

Some filers fail to consider special tax treatments. For example, if the distribution was for a direct rollover, it must be noted accordingly. Not recognizing these nuances can expose filers to unintended tax liabilities.

Another error lies in failing to keep copies of the 1099-R form. It’s essential to retain a copy for personal records and to reference when filing taxes. Not keeping these records can create challenges in the event of future inquiries or audits.

Individuals sometimes forget to check the box for the distribution code in Box 7. This code identifies the type of distribution, and failing to provide this can lead to processing delays. Clarity is key when it comes to categorizing distributions appropriately.

Providing incorrect names is a mistake that can have lasting effects. The name on the form must match the IRS records. Mismatches can cause processing errors and might complicate future filings.

Lastly, people may overlook the deadline for providing the 1099-R to recipients. Timeliness is essential to avoid penalties, so always ensure the forms are sent out promptly. By being vigilant about these common pitfalls, individuals can help ensure a smooth filing process for their IRS 1099-R forms.

Documents used along the form

The IRS 1099-R form is crucial for individuals who receive distributions from retirement accounts, pensions, or annuities. Alongside this form, various other documents play an important role in accurately reporting income and ensuring compliance. Below is a list of supplementary forms and documents commonly used in conjunction with the 1099-R.

  • Form W-2: This form summarizes an employee's wages and the taxes withheld during the year. It is essential for those who also received a salary from an employer, providing a complete picture of income.
  • Form 1099-INT: Issued for interest income earned from bank accounts or other investments, this form complements the 1099-R by detailing different income types.
  • Form 1040: The standard individual income tax return form, where taxpayers report total income from all sources, including amounts reported on the 1099-R.
  • Form 8880: This form is used to claim the Retirement Savings Contributions Credit. It is relevant when taxpayers contribute to their retirement accounts and want to know if they qualify for a credit regarding contributions.
  • Form 8606: Necessary for reporting nondeductible contributions to traditional IRAs, as well as distributions from Roth IRAs. It ensures accurate tracking of basis in IRAs.
  • Form 5329: This document is used to report additional taxes on IRAs and other qualified retirement plans. It helps individuals avoid penalties related to early distributions.
  • Schedule A: This form is for itemizing deductions, which may include certain retirement-related expenses. It can provide tax benefits for those who qualify.
  • Form 5498: Used to report contributions made to IRAs and the fair market value of those accounts at year-end, aiding in future planning and reporting.

Accurate completion and submission of these forms help facilitate a smoother tax filing process. Each document serves a unique purpose that contributes to a comprehensive understanding of one’s financial situation regarding retirement income.

Similar forms

  • IRS Form W-2: This document reports annual wages and taxes withheld for employees. Both forms detail income received, but W-2 is for employees, while 1099-R is for distributions from retirement plans.
  • IRS Form 1099-MISC: This form is used to report miscellaneous income, including payments to independent contractors. Like the 1099-R, it is issued for non-employee compensation but addresses different income sources.
  • IRS Form 1099-INT: This document reports interest income. Similar to 1099-R, it reflects payments made to individuals, though it focuses specifically on interest earnings instead of retirement distributions.
  • IRS Form 1099-DIV: This form reports dividends and distributions from investments. Both 1099-DIV and 1099-R report different types of income payments but serve the same purpose of informing the IRS about money received.
  • IRS Form 1099-B: This document details proceeds from broker and barter exchange transactions. While both forms inform the IRS about earnings, 1099-B concentrates on capital gains rather than retirement funds.
  • IRS Form 5498: This one reports contributions to IRA accounts. While 1099-R shows distributions from retirement accounts, 5498 reports the opposite—contributions made, providing a full picture of retirement account activity.

Dos and Don'ts

When filling out the IRS 1099-R form, it's important to follow specific guidelines to ensure accuracy. Below is a list of recommended actions and common pitfalls to avoid.

  • Do: Verify the recipient's information, including name and Social Security number.
  • Do: Use the correct tax year for the distribution report.
  • Do: Include all necessary distribution amounts and codes.
  • Do: Double-check for any errors before submission.
  • Don't: Submit the form without reviewing it for completeness.
  • Don't: Forget to include the payer’s information, like the name and TIN.
  • Don't: Use outdated forms; always use the most recent version.
  • Don't: Ignore instructions specific to the type of distribution.

Misconceptions

The IRS 1099-R form is often misunderstood. Here are five common misconceptions about it, along with explanations to help clarify.

  • Only retirees receive 1099-R forms. Many believe the 1099-R is exclusively for retirees. However, it is issued for various distributions beyond retirement, including rollovers, pensions, and annuities.
  • The 1099-R form only reports taxable income. Some think that all amounts reported on the 1099-R are taxable. In reality, this form can report both taxable and non-taxable amounts. It’s essential to review the details on the form to understand what is taxable.
  • Receiving a 1099-R means you owe taxes immediately. Many assume that getting a 1099-R means taxes are due right away. This isn’t necessarily true. You may need to include the amount on your tax return, but actual payment timelines depend on your overall tax situation.
  • All distributions from IRAs must be reported on a 1099-R. Some believe that only distributions from IRAs require a 1099-R. While IRAs do report distributions, other accounts such as pensions, profit-sharing plans, and insurance contracts also issue this form.
  • Only the person receiving the money gets a copy of the 1099-R. Many think that only recipients receive the form. In fact, the IRS also gets a copy. The issuing organization sends a copy to both the recipient and the IRS.

Understanding these misconceptions can help individuals navigate their finances better and avoid unnecessary confusion. Being informed allows for better management of taxes related to retirement accounts and distributions.

Key takeaways

When dealing with the IRS 1099-R form, understanding its purpose and requirements can greatly simplify your tax reporting process. Here are some key takeaways to keep in mind:

  • The 1099-R form is primarily used to report distributions from retirement plans, pensions, and annuities, making it essential for anyone who has received such payments.
  • Receiving a 1099-R means you may have tax obligations. The amount listed on the form is considered taxable income, so it’s vital to include it when filing your taxes.
  • Ensure accuracy when filling out the form. Double-check names, Social Security numbers, and amounts to prevent delays or issues with your tax filing.
  • If you believe the information on your 1099-R is incorrect, contact the issuer immediately for corrections to avoid complications in your tax return.