1099 Frequently Asked Questions and Answers

The 1099 is required by the Internal Revenue Service (IRS). There are different versions, but all are used to report non-salary income such as distributions from a retirement account.

Yes; here are some of the most common ones.

• 1099R: Reports taxable withdrawals greater than $10 from a retirement plan, IRA, profit sharing, insurance contract, annuity, or pension, or account rollover.
• 1099INT: Reports interest you received from something like a bank or brokerage firm.
• 1099MISC: Received if you’re an independent contractor or self-employed and got $600 or more this year from a business.

1099Rs are generated if:

• you received a distribution of more than $10—cash, direct rollover, or unpaid loan balance or stock certificate from a benefit event like changing jobs—from a retirement plan, IRA, profit sharing, insurance contract, annuity, or pension, or account rollover.
• you received a distribution (cash or unpaid loan balance or loan interest) from a life insurance policy or annuity in the last tax year. 

Form 5498 is sent to anyone who makes a contribution to an IRA.

No; you’ll only receive one if you got more than $10 from one of your accounts.

If you’ve signed up for paper delivery, it will be mailed by January 31 of the year following your distribution. If you’ve signed up for e-delivery of your tax forms, you can download it at any time.

If you haven’t received it by mid-February, we can help. Call us at +1-800-986-3343, Monday-Friday, 7 a.m.-7 p.m. We’ll make sure your address is correct, and can send you another copy. (We are unable to fax a copy.)

If you’ve signed up for e-delivery, you can download a copy of your 1099R at any time.

Look for box 7 on the front of your 1099R and check the code. Then, look on the back of the form. Here are some of the common distribution codes:

• G: A direct rollover from one retirement plan to another, which isn’t taxable.
• 1: An early distribution penalty tax if you took a distribution from your retirement account, insurance policy, or annuity.
• 7: A distribution from your retirement plan, life insurance policy, or annuity.

The IRS has more information at IRS.gov.

If you file taxes, you may need to report the information on your 1099R on your tax return. If you have a tax advisor, you can share it with them. If you do your tax return yourself, you’ll report it. (For example, on a 1041, it’s listed on Line 8: Other Income.)

Yes, if you had income taxes withheld from the distribution that are reported on your 1099R.

You may have had an outstanding loan balance from a retirement account when you left an employer or from a surrendered life insurance policy. (Check box 7.) In that case, the IRS requires you pay taxes on it. Your tax advisor can explain more.

Did you have an outstanding loan balance from a retirement account when you left an employer or from a surrendered life insurance policy? That’s a taxable event.