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February 17, 2009

Form 1099-R (or IRS Form 1099-R )

Your Guide

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Definition

Form 1099-R (or IRS Form 1099-R or 1099-R). Form 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., is a form that must be issued by custodians/ trustees and qualified plan administrators ( Payers), for distributions that occur from an IRAQualified Retirement Plan , 403(b) Plan , or 457 (b) Plan plan during the calendar year.

Referring Cite

Instructions for Forms 1099, 1098, 5498, and W-2G, available at www.irs.gov

Additional Helpful Information

  • Form 1099-R is used to report distributions to the IRS and the retirement account owner. Form 1099-R should be issued to the retirement account owner by January 31 and to the IRS by February 28 for paper returns or March 31 if the filing is done electronically.
  • Payers may file IRS Form 8809 to request an extension for filing Form 1099-R with the IRS. This request must be filed by the original due date for filing the form with the IRS. If the deadline falls on a non-(regular) business day (including weekends), the filing must be done on the next business day. Cite IRC § 7503.
  • A common misconception is that Form 1099-R should not be filed for distributions that are rolled over . However, if the distribution is timely and properly rolled over, the taxpayer is required to indicate on his/her tax return that the distribution is not taxable. If the distribution was processed as a direct rollover, the payer is also required to indicate that the amount is nontaxable, because it was processed as a direct rollover. This is accomplished by inputting Code G’ in Box 7 of the Form 1099-R.
  • Revocation of IRA contributions, rollovers and transfers are also reported on IRS form 1099-Rs
  • Advance Copies of Forms can be found here.

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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