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IRS Form 1099-R is a tax form issued when money is withdrawn from a qualified retirement plan such as a pension, annuity, IRA or profit-sharing plan.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.

Continue Reading

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 If the money withdrawn is being directly rolled over to another qualified retirement plan, the receiving plan issues IRS Form 5498 to confirm that the funds were properly rolled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.

Learn more about Taxes

Related Questions

  • Q:

    What is IRS Form 709?

    A: IRS Form 709 is used to report taxable gifts to distribute the lifetime use of a person's generation-skipping transfer tax exemption, explains Julie Garber... Full Answer >
    Filed Under:
  • Q:

    What is IRS Form 940?

    A: Internal Revenue Service Form 940 is the employer's annual federal unemployment tax return that employers use to report federal unemployment taxes, as of 2... Full Answer >
    Filed Under:
  • Q:

    What is the use of IRS Form 940?

    A: IRS Form 940 is used by employers to report their annual Federal Unemployment Tax Act tax. This tax, along with additional state taxes, pays for unemployme... Full Answer >
    Filed Under:
  • Q:

    What is IRS Form 9465?

    A: IRS Form 9465 allows taxpayers who cannot pay their full tax bills to request monthly installment plans, according to the IRS. Taxpayers generally attach t... Full Answer >
    Filed Under: