Form 1099-R

Form 1099-R

An IRS form reporting income from distributions from an IRA, 401(k), pension plan, profit-sharing plan, insurance plan, or another, similar instrument. The form indicates how much was withheld for taxes, if any, and the total amount of income one derived from a plan. This helps the plan holder calculate his/her tax liability from these plans.
References in periodicals archive ?
Form 1099-R is used to show distribution from retirement accounts and can be utilized to report distributions from IRAs, pensions, annuities and will typically show items such as the gross amount of the distribution and the taxable amount of income.
Death benefits and distributions from both qualified and nonqualified plans, including gratuitous post-death salary continuation payments, are reported on Form 1099-R.
In summary, taxable compensation and plan distributions will be reported as taxable income to the payee beneficiary on either Form 1099-MISC or Form 1099-R.
6721-6724 attributable to the late or incorrect reporting of amounts have been extended to include Form 1099-R information returns.