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January 28, 2011

Tax Tip: IRS Form 1099-R

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Tax Tip: IRS Form 1099-R is used to report distributions that occur from IRAs , qualified employer plans  , 403(b) accounts and Governmental 457(b) plans during the previous year. For instance, the 1099-R that must be issued by January 31 of this year should include distributions that occurred during the previous calendar year. Form 1099-R is also issued to the IRS, so that they can compare the information with that which is reported on your tax return. 

If the information reported on a Form 1099-R is incorrect, the issuer should be contacted immediately, so that any required corrections can be made.

Form 1099-R is not required to be filed with your tax return unless it shows amounts being withheld for income tax. However, it should be provided to your tax-return-preparer, as it may contain other information which is required to be reported on your tax return.  

Tip by Denise Appleby

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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