Form What is IRS 1099R
Form What is IRS 1099R

Form 1099-R (Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, etc.) 2018-2019

What is IRS 1099R Form?

Form 1099-R is a variant of the Internal Revenue Service Form 1099, that is widely used in the United States. It is necessary to complete this form in case you received a distribution of more than $10 from your pensions, annuities, retirement, IRAs or Insurance Contracts. This document appeals only to the passive income and retirement plan. The amounts of the taxes reported in this document may include, survivor income benefit plans, profit-sharing or retirement plans, any permanent or total disability payments received according to the life insurance contracts. Use this form also to report types of income such as independents contractor revenue, interest or dividends or government payment, any type of earnings, other than salary.

How to Complete the 1099-R

It is necessary for plan custodians to distribute the Form 1099-R to the owners of a plan in a given year. For better convenience use fillable PDF templates available on the website. The recipient must only insert the required information into the blank fillable boxes. The process is greatly simplified if you can complete the document electronically. Here the list of data items that should be necessary included:

  • gross contribution paid during the tax year;
  • amount of income that is taxable;
  • federal tax that has been withheld at source;
  • distributions made to the investment or bonuses paid;
  • code that represents the specific type of payments made to the plan holder.

Note, that the completed document should be submitted by January 31.