Reporting Retirement Income: Form 1099-R
This post was updated in April 2018
Whether you are retired, or have simply chosen to withdraw funds from your retirement account, the financial servicer who handles your retirement funds will send you a copy of Form 1099-R. This form is used to report income other than salary and wages to the IRS, particularly pension funds, IRAs, retirement accounts, annuities, and profit sharing.
Both the employer/payee and the individual tax payer receiving the income must submit a copy of the 1099-R form. For example, if your company is responsible for paying out pension funds to a retired employee, then you would need to fill out the various copies of this form with the employee information you should have on file. You can quickly & easily fill out, sign, and send Form 1099-R and all other 2017 tax forms on PDFfiller.com.
If you are the retired employee who receives the 1099-R from the company dispersing your pension funds, chances are all the necessary information will be included in the appropriate boxes. But, if something is missing, it just means that your employer didn’t have enough information to accurately fill it in. If you do not have an amount for the taxable amount (box 2a), this DOES NOT mean that it is not taxable. In this case, you have to figure the taxable amount yourself.
Watch this video to learn more about how to handle Form 1099-R: