What You Need to Know About Form 1099-R
The 1099-R is used for each person to whom a business has made a designated distribution or are treated as having made a distribution of $10 or more from:
- Profit-sharing or retirement plans
- Insurance contracts
- Survivor income benefit plans
- Permanent and total disability payments under life insurance contracts
- Charitable gift annuities
Amounts that are distributed from tax-exempt sources, such as workers’ compensation and Department of Veterans Affairs payment, don’t need to be reported. Also, if part of a distribution is taxable and part is nontaxable, the entire distribution should be reported.
Applicable businesses: Any organization that manages retirement plans and made designated distributions of $10 or more.
When to file: 1099-R forms must be mailed to recipients by January 31, and e-filed with the IRS by March 31 each year.