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.
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The proposed regulations also provide guidance on new reporting requirements applicable to each person who makes a payment of reportable death benefits (reportable on Form 1099-R) and how to calculate the amount of death benefits excluded from gross income.
* Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.;
She and her husband reported the amount as income on their 2002 joint federal income tax return but did not include the 10% penalty tax, even though form 1099-R indicated the distribution was subject to it.
Similar to Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., Canadian Form NR4 (Summary, Return of Amounts Paid or Credited to Non-Residents of Canada), code 43 (lump-sum distribution) discloses in Canadian currency both the gross distribution and the amount withheld.
For example, the provision does not appear to apply to a Form 1099-R or 5498 issued for traditional, Roth and Education IRAs or to Medical Savings Accounts.
Death benefits and distributions from both qualified and nonqualified plans, including gratuitous post-death salary continuation payments, are reported on Form 1099-R. Death benefits and other distributions from qualified plans are not subject to FICA and FUTA taxes (Sec.
Otherwise, this rule raises the interesting problem of issuing Forms W-2 to a surviving spouse for many years, when other guidance specifically requires that such amounts be reported on Form 1099-R.
* Form 1099-R, Statement for Recipients of Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.: Revisions to the form affect the following items: 1.
Both types of distributions are reported on a Form 1099-R.
Amounts directly rolled over must be reported on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
Corrective distributions must be reported on a separate Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc.
In addition, Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., must be filed for all distributions on account of revocation.