How Do I Report a 1099R to the IRS?
You receive a Form 1099-R when you receive distributions from a retirement plan. Distributions may include funds received from traditional and Roth IRAs, employer-sponsored pension and annuity plans, as well as 401(k) plans and insurance contracts. In general, income you receive from these plans is taxable at the income tax rates that apply to your income from all sources during the year. You may not be subject to income tax if you roll over your distribution into another qualified plan within a specific time following the distribution, however, even if your distribution is not taxable, you must report 1099-R amounts on your income tax return.
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Instructions
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Obtain IRS Form 1040 or Form 1040A. You may report 1099-R distributions on either of these IRS income tax forms.
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Look at Box 1 of Form 1099-R. Report this amount on Form 1040, Line 15a or Form 1040A, Line 11a if the 1099-R distribution you receive is from an IRA. Report the Box 1 amount on Form 1040, Line 16a or Form 1040A, Line 12a if the distribution is from a pension or annuity.
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Look at Box 2 of Form 1099-R. This is the taxable amount of your retirement plan distribution. Report Box 2 on Form 1040, Line 15b or Form 1040A, Line 11b if the distribution is from an IRA. If the distribution is from a pension or annuity plan, report Box 2 on Form 1040, Line 16b or Form 1040A, Line 12b.
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Determine if your distribution is an early withdrawal. In most cases, if you withdraw from your retirement plan before you reach age 59½, you must pay a 10 percent penalty on the distribution in addition to the income taxes due on your taxable distribution. Report early-withdrawal penalties on Form 1040. If the early-withdrawal penalty applies to you, you must file Form 1040.
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