1099-R: what it is, and why you received one
By Arthur Teboul, DokuTrak · Published
In short
A 1099-R reports money paid out of a pension, annuity, IRA, 401(k) or other retirement plan, and some insurance contracts. The plan administrator or custodian sends it by January 31 after any distribution, including a rollover. It shows the gross amount, the taxable part, tax withheld and a code in box 7 describing the kind of distribution.
What is a 1099-R?
Form 1099-R shows box 1 gross distribution, box 2a taxable amount, box 4 federal income tax withheld and box 7 the distribution code, which tells the IRS whether it was a normal distribution, an early one, a rollover or something else.
A rollover from one plan to another usually still produces a 1099-R, even when no tax is due. Each account that paid out sends its own form.
Who sends it, and when
The pension plan, the IRA custodian, the 401(k) administrator or the insurance company that made the payment issues it. Your copy is due by January 31 of the year after the distribution.
Where to get a 1099-R
- Your retirement account’s website, under Tax forms or Documents.
- A pension plan’s retiree website or benefits office.
- The mail, at the address on file with the plan.
- The plan’s customer service line, for a replacement copy.
- For a past year, the IRS Wage and Income transcript in your IRS Online Account.
Wrong files people send instead
- A quarterly account statement instead of the 1099-R.
- One 1099-R when money came out of two accounts.
- Nothing for a rollover, on the idea that it did not count.
- The SSA-1099 sent as if it covered a pension: Social Security and pensions are on separate forms.
Questions people ask
Why did I get a 1099-R for a rollover?
A rollover is still a distribution from the old account, so it is reported. The code in box 7 and the taxable amount show how it is treated.
What does the code in box 7 mean?
It describes the type of distribution, such as early, normal, rollover or death benefit. Your preparer uses it to report the payment correctly.
Ask once. DokuTrak does the chasing.
- Your client uploads from one link, with no account and no password.
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