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Filing your Tax Return Using Form 1099-R

Filing your Tax Return Using Form 1099-R

When receiving the bulk of your income from retirement plans and annuities, such as pensions, you are required to report your income to the IRS via form 1099-R. Beneficiaries of death benefits aside from pensions are provided the form by the custodian of the plan from where the benefits are received. After receiving the form, retirees and beneficiaries are obligated to file the form as part of the regular tax return with the IRS by April 15. 

After receiving the 1099-R, verify the information listed on the form to ensure its accuracy. Items to be particularly mindful of their accuracy include the contact information and identification information listed within the red borders. Ensure the amounts listed in the boxes labeled 1 through 17 are accurate. On the third copy of form 1099 – R, check the box labeled “corrected” if you have to amend the values listed in the red borders. List accurate contribution and taxes withheld amounts in the corresponding boxes on the amended form. 

Download and print IRS form 1040 and fill out the personal identification information at the top of the form. Completely fill out all other information required by the form for filing your return. Use the amount listed under disbursement on your 1099-R form to input the value of line 16 on your 1040 form. 

For filers 59 ½ years of age or younger; find the value of your retirement benefits on the 1099-R form and input a value equal to 10% of that income in line 60 of the 1040 form.

Compile the list of taxes withheld from your various retirement benefits, as well as the taxes withheld from all other sources of income during the relevant year, and input the total tax withheld value in line 64 of form 1040. You will find the taxes withheld from your retirement benefits on the 1099-R form. Your W-2 form will list the value of taxes withheld from any other wages earned.

Find the address for mailing your return on the IRS website at www.irs.gov. Send the copy of your completed 1099-R form, 1040 form, and W-2 (if applicable), as well as any other material related to your income over the course of the relevant year to the address found on the site for your return. Your return should be post-marked no later than April 15th to avoid any penalties for tardy tax return filing.

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