1099-R

Contents -

Form 1099-R

NOTE
ANY INSTRUCTIONS CONTAINED HEREIN ARE ADVISORY ONLY.
REFER TO IRS INSTRUCTIONS FOR OFFICIAL INFORMATION.

Form 1099-R - Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRA's, Insurance Contracts, etc.

Distributions from retirement of profit-sharing plans, any IRAs, annuities, pensions, insurance contracts, survivor income benefit plans, permanent and total disability payments under life insurance contracts, charitable gift annuities, etc.

Account number (Required)
Enter any number assigned by the payer to the payee that can be used by the IRS to distinguish between information returns. This number must be unique for each information return. The account number is critical in the correction process, especially when more than one information return is filed for a payee. MAG-FILER will automatically assign an account number if the field is blank.

TIN # (Required)
Enter the payee's valid 9-digit Taxpayer Identification Number (SSN or EIN, as appropriate). Leave this field blank if the TIN# is unknown.   Any form filed containing an invalid identification number in this entry may be returned for correction.

SSN (else EIN) (Required)
Check this box if the payee TIN # is a Social Security Number (SSN) of an individual. Leave this box blank if the payee TIN # is an Employer Identification Number (EIN) of a business or an organization.

NOTE: Imbedded blanks, extraneous words, titles, and special characters ( i.e., Mr., Mrs., Dr., period [.], apostrophe [ ' ] should be removed from Payee Name Lines. An ampersand (&) and a dash (- ) are the only acceptable special characters. A comma ( , ) between last name and first name that is placed by MAG-FILER is also acceptable.

Name (Required)
Enter the name of the recipient belonging to the Taxpayer Identification Number (TIN). If the TIN, is an SSN, enter as last name suffix, first, middle initial, e.g., Doe Jr., John A.). If the TIN is an EIN, the name is entered as is. Use the Second Name Field if additional space is required.

Second Name Field
If the payee name requires more space than is available in the name field, ENTER ONLY THE REMAINING PORTION OF THE NAME IN THIS ENTRY. If there are multiple payees, this field may be used for those payees' names. DO NOT USE THIS FIELD FOR ADDRESS INFORMATION.

Address (Required)
Enter the recipient's mailing address. This entry must not contain any data other than the recipient's mailing address. The address is split into two fields. Enter the main mailing address in the first field and the supplementary address in the second field on the right.

City (Required)
Enter the payee's city.   Do not enter state and zip code information in this entry.

State (Required)
Enter the abbreviation for the payee's state or foreign country. You must use valid U.S. Postal Service state abbreviations for U.S. addresses.

Zip (Required)
Enter the payee's valid 9-digit zip code assigned by the U.S. Postal Service.

Gross Distribution
The total amount of the distribution before income tax or other deductions were withheld.
Include direct rollovers, premiums paid by a trustee or custodian for current life or other insurance protection (PS58 costs), and the gross amount of any IRA distribution, including a recharacterization and a Roth IRA conversion. Also include distributions to plan participants from governmental section 457(b) plans. In the case of a distribution by a trust representing CDs redeemed early, report the net amount distributed. To print a 0 in the amount field, enter 0 in the amount fields and enter PRINTZERO in the Special Field.

Taxable Amount
The taxable amount includible as income.

If you are reporting Section 1035 exchanges, you may file and enter 0(zero) in Gross Distributions, Taxable amount and any after-tax employee contributions in Empl contrib./ins premium. To print a 0 in the amount field, enter 0 in the amount fields and enter PRINTZERO in the Special Field.

Taxable Amt Not Determ'd
Check this box if you cannot compute the taxable amount of the payment.

Total Distribution
Check this box if the total distribution is one or more distributions within one tax year in which the entire balance of the account is distributed.

Cap Gain (incl) in the Tax Amount
For lump-sum distribution only. Enter the taxable amount eligible for the capital gain election under section 1122(h)(3) of the Tax Reform Act of 1986.

Federal Income Tax Withheld
Enter amount of federal income tax withheld. This withholding under section 3405 is subject to deposit rules and the withholding tax return is Form 9k45. Backup withholding does not apply. See Pub. 15-A, Employer's Supplemental Tax Guide, and the Instructions for Form 945 for more withholding information.

Empl/Roth Contrib/Ins Premium
Enter the employee's contributions to a profit-sharing or retirement plan, designated Roth account contributions, or insurance premiums that the employee may recover tax free this year.

Unrealized Appr in Emp Securities
The net unrealized appreciation in employer's securities in the case of a lump-sum distribution.

Dist Code
Enter the appropriate code(s) from the IRS 1099 Publication that shows the type of distributions being made. If   more than one numeric code is applicable, it may be necessary to file more than one 1099R.

1st yr ROTH
If Code B, Designated Roth account, is entered in the distribution code the trustee is required to report the first year of the designated Roth account contribution and the basis of the designated Roth account distribution. Enter data in YYYY format, otherwise blank.

IRA/SEP/SIMPLE
Check this box if the distribution is from an IRA, SEP or SIMPLE.

Other Amount
Enter the current actuarial value of an annuity contract that is part of a lump-sum distribution.

Other %
If the annuity contract is part of a multiple-recipient lump-sum distribution, enter the percentage of the total annuity contract each Form 1099-R represents.

Your % of Total Distribution
If the total distribution is made to more than one person, enter the percentage received by the person whose name appears on Form 1099-R. Enter the percentage without preceding 0 (zeros), for example: 50 = 50%.

Total Employee Contribution
If the distribution was eligible for the simplified safe harbor method under Notice 88-118, enter the total contributions remaining to be recovered tax free.

State
Enter the two-character abbreviated state name. MAG-FILER refers this as State 1. You must use valid U.S. Postal Service state abbreviations for U.S. addresses. If filing to the IRS under the Combined Federal State program enter only State 1 information per record.

Tax Withheld
The amount of state income tax withheld for State 1.. This field has been added for the convenience of the payer, but need not be reported to the IRS.

Distribution
If state income tax has been withheld, enter amount of distribution for State 1.

Local Tax Withheld
Enter the amount of local income tax withheld for State 1.

Name of Locality
Enter the name of the locality in which the income tax was withheld for State 1.

Local Distribution
If local income tax has been withheld, enter the amount of distribution for State 1.

State
Enter the two-character abbreviated state name. You must use valid U.S. Postal Service state abbreviations for U.S. addresses. MAG-FILER refers this as State 2.

Tax Withheld
The amount of state income tax withheld for State 2.. This field has been added for the convenience of the payer, but need not be reported to the IRS.

Distribution
If state income tax has been withheld, enter amount of distribution for State 2.

Local Tax Withheld
Enter the amount of local income tax withheld for State 2.

Name of Locality
Enter the name of the locality in which the income tax was withheld for State 2.

Local Distribution
If local income tax has been withheld, enter the amount of distribution for State 2.

Special
This area may be used to record information for state or local government reporting or for the filer's own purposes. Enter "CFS" and state abbreviation if the working state is different from the residence for combined Federal/State filing.

Select Print
Check this box to select specific payees for printing.

Corrected Return
Check this box if this entry is a corrected return. This is only used IF YOU HAVE ALREADY SUBMITTED MAGNETIC MEDIA FILING and wish to print or file corrected returns. NOTE: The same account number reported on the original must also be on the corrected record.