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Form 1099-R

Form name:

Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

IRC Section:

408(i), 6047 and 6050Y

Link to form:

https://www.irs.gov/pub/irs-pdf/f1099r.pdf

Purpose of form:

Payors must file Form 1099-R for each person to whom they have made a designated distribution or are treated as having made a distribution of $10 or more from profit-sharing or retirement plans, any individual retirement arrangements (IRAs), annuities, pensions, insurance contracts, survivor income benefit plans, permanent and total disability payments under life insurance contracts, charitable gift annuities, etc.

Information reported on form:

  • The name, address, taxpayer identification number and phone number of the payor,
  • The name, address, and taxpayer identification number of each recipient,
  • Account number,
  • Date of payment,
  • Gross distribution,
  • Taxable amount,
  • Taxable amount not determined checkbox,
  • Total distribution checkbox,
  • Capital gain,
  • Federal income tax withheld,
  • Employee contributions/designated Roth contributions or insurance premiums,
  • Net unrealized appreciation in employer’s securities,
  • Distribution codes,
  • IRA/SEP/SIMPLE checkbox,
  • Percentage of total distribution,
  • Total employee contributions,
  • State information,
  • Local information,
  • Amount allocable to IRR within 5 years,
  • 1st year of designated Roth contribution,

 

Please see Form 1099-R for all other information required to be reported.

Reporting threshold: 

$10 or more.

Due date to recipient: 

January 31.

Due date to IRS (paper filing): 

February 28.

Due date to IRS (Electronic Filing): 

March 31.