What Is IRS Form 1099-R?


Quick Answer

IRS Form 1099-R is a tax form issued when money is withdrawn from a qualified retirement plan such as a pension, annuity, IRA or profit-sharing plan. The reported withdrawal amount is included as taxable income unless the money is rolled over to another qualified retirement plan.

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Full Answer

A 1099-R may also be issued for total disability payments under a life insurance contract and survivor benefit income plan distributions. If the money withdrawn is being directly rolled over to another qualified retirement plan, the receiving plan issues IRS Form 5498 to confirm that the funds were properly rolled over. These tax documents offset each other. The appropriate codes should be indicated on Form 1099-R. These codes and other important instructions are outlined in the IRS instructions for the forms.

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