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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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.
Distributions from both qualified and nonqualified plans are reported on Form 1099-R, with distribution code "4" (indicating that the amount is paid to a decedent's beneficiary).
6721-6724 attributable to the late or incorrect reporting of amounts have been extended to include Form 1099-R information returns.
It is anticipated that new coding will be added to Form 1099-R to identify directed rollovers.
In addition, Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.