what is a 1099r

Form 1099-R is a variant of Form 1099 used for reporting on distributions from pensions, annuities, retirement or profit sharing plans, IRAs, charitable gift annuities, and insurance contracts in the United States. The form is filed for each person who has received a distribution of $10 or more from any of the above. Some of the items included on the form are the gross distribution, the amount of the distribution that is taxable, the amount withheld for tax purposes, and a code that represents the type of distribution made to the plan holder. The form must be mailed to the recipients by January 31 and to the IRS by the last day of February. If the custodian files with the IRS electronically, the form is due by March 31. The plan owner, the IRS, and the municipal or state tax department (if applicable) all receive a copy of the form. These copies are used to cross-reference individual tax returns to ensure compliance. If a person receives an erroneous 1099-R form, they should immediately contact the plan custodian who sent it to rectify the situation and avoid filing an incorrect tax return.