Form 1099-R afforded by the IRS is established to report the profits from professional occupation (excluding salaries) and miscellaneous income. The paper recognizes distributions from retirement programs, individual retirement accounts (IRAs), pensions, annual gains, insurance agreements, and other sources not related to wages.
To get acquainted with the 1099-R form, you can generate a PDF file via our form constructor by clicking the link on this page. It is vital to know that only official IRS red templates are scannable. The forms are traditionally provided on the IRS web page or at a district tax office.
Ensure to download and print out the official copies of the respected form. It will help avoid penalties and unfavorable consequences. The preparer can claim scannable documents on the IRS online portal in the “Order Forms and Pubs” section.
The 1099-R template is assembled in three copies that are distributed as follows:
The responsibility to complete the copies belongs to the employer who renders the requested data on the employee’s behalf. The payer should file a 1099-R record for each individual who is assigned a distribution of at least 10 USD (qualified as the afore-mentioned income sources). If the preparer is reporting distributions made to trusts, beneficiaries, or estates, they need to include the recipient’s TIN and name.
All 1099-R reports should be delivered to the recipients by January 31 of the year, consequent to the reporting period. The IRS is expecting to get the completed reports by February 28. If the payer is reporting the prior tax period return and 1099-R records electronically, the due date is March 31.
In rare cases, the payer introduces an error that must be corrected as soon as possible. To provide amended documentation, the preparer should refile the referenced form stamped with the “Corrected” checkbox at the top of each copy.
We have already mentioned in the previous parts of our review that only official IRS forms are scannable. Therefore, use the PDF files generated via our software only for informative goals and personal records.
Follow the pattern below to complete the 1099-R report.
1. Identify the Preparer
In this section, the preparer should specify the employer’s identification details, including these data:
If the payer is residing abroad, please, define the foreign country, region (or county), and a foreign postal code.
2. Put the Payer’s and the Recipient’s TINs
Insert the payer’s and the recipient’s tax ID numbers separately using the corresponding boxes.
3. Identify the Payee
Complete the demanded info about the payee, including the following aspects:
4. Enter the Amounts for Units 1 Through 19
Once you have identified the payer and the payee, proceed to the centerpiece of the 1099-R statement and provide the report regarding these aspects:
5. Provide Account Specifications
In case the payer has several accounts for the payee, they are filing the respected report form, give account specifications in the left bottom box of the 1099-R form.
Once the required data are rendered to the form, you are empowered to file the red copy with the IRS, leaving one black copy for personal records and providing the third copy to the recipient.