Any time you earn any amount of income that doesn’t fall under the “wages and salaries” category, the IRS wants to know about it. The 1099 form series reports various types of non-employment income to the IRS, such as contract payment (1099-MISC or 1099-NEC) or interest income (1099-INT).
Then there is Form 1099-R, which reports distributions from pensions, annuities, or retirement plans to the IRS.
But how do you get Form 1099-R?
You shouldn’t have to take any action to receive Form 1099-R. Your responsibility is to report the information on that form to the IRS.
This form should be sent to you by the plan’s administrator, which also sends a copy to the IRS and your state’s tax department (if you pay state income taxes). These entities compare the information on Form 1099-R to what you report on your income tax filings. If there’s a discrepancy between the two numbers, the IRS will likely let you know.
In addition to your name, address, and Social Security Number, Form 1099-R will provide the gross distribution paid and whether there was any tax withheld from that payment.
You might receive Form 1099-R through the mail, or the issuer might provide an electronic copy on their website.
Actions for Non-Receipt
You’re supposed to receive your previous year’s Form 1099-R after January 31. What happens if you’ve received distributions, but no Form 1099-R?
There are a couple of reasons why you might not have this documentation. One is that you might not have had any reportable distributions from the previous year. Another possibility is that the form is delayed in the mail. Or the issuer might have outdated mailing information.
Non-receipt of the form doesn’t mean you’re off the hook when it comes to reporting distributions. If you don’t have Form 1099-R, contact your plan administrator or issuer for a copy. While Form 1099-R is for your information, you also need to attach Copy B of the form to your federal tax return if any kind of federal income tax is withheld.
Getting the Hard Copy
While it’s possible to download a Form 1099-R from the IRS website, it doesn’t do you much good. Your plan’s issuer/administrator needs to fill in the exact amount, along with their tax ID and other information. Reporting these distributions is a must, and there are situations during which you’ll need that paperwork.
For additional information about Form 1099-R, or any other 1099 information, be sure to ask your tax advisor.
This material is for general information and educational purposes only. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions. It should also not be construed as advice, meeting the particular investment needs of any investor.
Realized does not provide tax or legal advice. This material is not a substitute for seeking the advice of a qualified professional for your individual situation.