You will likely get a 1099-R form If you received a distribution from a retirement plan or a similar account like an annuity, pension, or insurance contract. The plan administrator is responsible for filing the 1099-R with the IRS and any required state or local governments. As the taxpayer you will also report the distribution on your income taxes.
A 1099-R form is a tax document that reports distributions over $10 from the following accounts:
The form reports the total amount of the distribution, any federal income tax withheld, and any other taxes or penalties. You should receive a 1099-R form from the payer by January 31 of the following year.
Generally, the plan administrator should file a 1099-R form, and you should claim the distribution amount on your income taxes, if the following apply:
In some cases, you might not receive a 1099-R form for a distribution. This includes:
A 1099-R form includes the following information about the distribution, as reported by the payer. Some of the boxes include:
If you question any of the amounts, contact the plan administrator as soon as possible.
If you received a distribution from a retirement account, the payer is required to file the form 1099-R with the IRS and other local governments and provide you a copy. If you didn’t get a form or believe that the information on the form is incorrect, you should contact the payer to request the form, or ask for a correction.
You will report the information from the 1099-R on your income taxes.
If you received a distribution from a retirement account, you may need to report the 1099-R form with the IRS. It is important to ensure that the information on the form is accurate and that it is filed by the appropriate deadline to avoid any penalties or fees. If you are unsure whether you should receive or file a 1099-R form, you should consult with a tax professional.