Prepare Form 1099-R for IRS Reporting

Once you’re ready to begin your Form 1099-R tax filing, you must gather the required information to prepare Form 1099-R.

Form 1099-R is used to report certain distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, insurance contracts, and other distributions of $10 or more during a calendar year.

What information is needed to prepare Form 1099-R?

The information required for preparing a Form 1099-R includes basic information on the payer and recipient, information about the distribution, and, if applicable, state and local tax information.

Payer information

You will need to include the following payer information on each 1099-R form you prepare.

• Payer’s name
• Payer’s address
• Payer’s Taxpayer Identification Number (TIN)
• Payer’s contact phone number

Recipient information

You will need to include the following recipient information on each 1099-R form you prepare.

• Recipient’s name
• Recipient’s address
• Recipient’s TIN

Distribution information

You will need to include the following distribution information on each 1099-R form you prepare.

• Gross distribution amount
• Taxable amount
• Capital gain amount
• Amount of federal income tax withheld
• Amount of Employee contributions/Designated Roth contributions or insurance premiums
• Net unrealized appreciation in employer’s securities
• Distribution code(s)
• Percentage of total distribution
• Total employee contributions amount
• Amount allocable to IRR within 5 years
• First year of Disign. Roth Contribution.
• Date of payment

Other information

You will need to include the following other information on each 1099-R form you prepare.

• FATCA filing requirement checkbox
• State and local tax information

Next Steps

Once you have gathered information to prepare Form 1099-R, you can:

• Determine who should receive a Form 1099-R
• Check for accuracy
• E-file and distribute forms

Don’t forget to check the deadlines to avoid any potential late filing penalties!

About Author