Sent to individuals that will receive distributions from retirement plans. For example, profit-sharing plans, any type of IRA (Individual Retirement Account), insurance contracts, or IRA re-characterizations. Use the information provided by the IRS to fill in the fields on the 1099-Retirement tab. The fields are listed in alphabetical order.
Use this field to enter distributions from a designated Roth account under section 401(k) plan or a section 403(b) plan are reportable on Form 1099-R. Basis in your account is reported in Box 5. Type the first year of the 5-year holding period in this field.
Use Capital Gain for lump-sum distributions from qualified plans only. Then, enter the amount that is eligible for the capital gain election in the Taxable Amount field.
Select the appropriate distribution code:
1. Early distribution, no known exception
2. Early distribution, exception applies (as defined in section 72(q), (y), or (v))
3. Disability
4. Death
5. Prohibited transaction
6. Section 1035 exchange
7. Normal distribution
8. Excess contributions plus earnings/excess deferrals and/or earnings taxable in 2001
9. PS 58 costs
A. May be eligible for 10-year tax option
D. Excess contributions plus earnings/excess deferrals taxable in 1999
E. Excess annual additions under section 415, certain excess amounts under section 403(b) plans
F. Charitable gift annuity
G. Direct rollover to IRA
H. Direct rollover to qualified plan or tax-sheltered annuity
J. Early distribution from a Roth IRA, no known exception
L. Loans treated as deemed distributions under 72 (p)
M. Distribution from an education IRA (Ed IRA)
N. Re-characterized IRA contribution made for 2001
R. Re-characterized IRA contribution made for 2000
S. Early distribution from a SIMPLE IRA in first 2 years, no known exception
T. Roth IRA distribution, exception applies
Use Employee Contributions to enter the employee's contribution to a profit-sharing or retirement plan, or insurance premium that the employee may recover tax-free this year.
Use Federal Income Tax Withheld to enter the backup federal income tax withholding. Backup withholding will apply
1. If the payee fails to furnish his or her taxpayer identification number (TIN) to you.
2. For interest dividend, and broker and barter exchange accounts or instruments acquired after 1983, the payee fails to certify, under penalties of perjury, that the TIN provided is correct.
3. The IRS notifies you to impose backup-withholding because the payee furnished an incorrect TIN.
4. For interest and dividend accounts or instruments, you are notified that the payee is subject to backup withholding.
5. For interest and dividend accounts opened or instruments acquired after 1983, the payee fails to certify to you, under penalties of perjury, that he or she is not subject to backup withholding.
Use Gross Distributions to enter the total amount of distributions before income tax or other deductions before income tax or other deductions were withheld.
Select the IRA/SEP/SIMPLE checkbox if the distribution is from a traditional IRA, SEP, or SIMPLE IRA.
Use the options on the Localities tab to enter the local income tax withheld from the payments. First, click Add a New Locality. Then, fill in the Tax Withheld and Income.
Use Net Unrealized Appreciation to enter an amount in this field if a distribution includes securities of the employer corporation (or a subsidiary or parent corporation) and you can compute the net unrealized appreciation.
Use Other to enter the current actuarial value of an annuity contract that is part of a lump-sum distribution.
Use Percentage of Total Distribution if an annuity contract is part of a multiple recipient lump-sum distribution, enter the percentage of the total annuity contract each Form 1099-R represents.
Use the options on the States tab to enter the state or local income tax withheld from the payments. First, click Add a New State. Then, fill in the Tax Withheld and Income.
Use Taxable Amount to enter the taxable amount. However, leave this field blank if you are unable to reasonably obtain the needed data to compute the taxable amount.
Select the Taxable Amount Not Determined checkbox if you are unable to reasonably obtain the data needed to compute the taxable amount.
Select the Total Distribution checkbox if the payment shown in the Gross Distribution field is a total distribution.
Use Total Employee Contributions if this is a total distribution and it is made to more than one person. Enter the percentage received by the person whose name appears on Form 1099-R.