Form 1099-R is an IRS information form used to report distributions you receive from certain types of retirement plans and accounts. In simpler terms, it tells the IRS and you how much money you withdrew from these accounts during the tax year.

Here’s a breakdown of what Form 1099-R typically reports:

• Distributions from:

  • Traditional and Roth IRAs
  • Pensions
  • Annuities
  • Employer-sponsored retirement and profit-sharing plans
  • Some insurance contracts
  • Survivor income benefit plans
  • Permanent and total disability payments under life insurance contracts
  • Charitable gift annuities

• Information Reported:

  • Total amount of the distribution
  • Taxable amount of the distribution (not all distributions are taxable)
  • Any federal income tax withheld
  • Distribution codes that provide more details about the type of distribution (important for tax purposes)

Who Receives Form 1099-R?

You will generally receive a Form 1099-R if you received a distribution of $10 or more from any of the retirement plans or accounts listed above during the tax year.

What to Do with Form 1099-R?

• • Use it to File Your Tax Return: The information on Form 1099-R helps you report your retirement income accurately on your tax return.
  • Compare it to Your Records: It’s a good practice to compare the information on the form with your own records to ensure everything is accurate.
  • Keep it for Your Records: It’s recommended to keep a copy of Form 1099-R with your tax records for several years.