1099-R Instructions For Recipient - 2015 printable pdf download

2015 1099-R Instructions for Recipient

Generally, distributions from pensions, annuities, profit-

trustee or contract issuer, an amount will be shown in this

sharing and retirement plans (including section 457 state

box and Code 6 will be shown in box 7. If a charge or

and local government plans), IRAs, insurance contracts, etc.,

payment was made against the cash value of an annuity

are reported to recipients on Form 1099-R.

contract or the cash surrender value of a life insurance

contract for the purchase of qualified long-term care

Qualified plans. If your annuity starting date is after 1997,

insurance, an amount will be shown in this box and Code W

you must use the simplified method to figure your taxable

will be shown in box 7. You need not report these amounts

amount if your payer did not show the taxable amount in box

on your tax return.

2a. See the Instructions for Form 1040 or 1040A.

Box 2a. This part of the distribution is generally taxable. If

IRAs. For distributions from a traditional individual retirement

there is no entry in this box, the payer may not have all the

arrangement (IRA), simplified employee pension (SEP), or

facts needed to figure the taxable amount. In that case, the

savings incentive match plan for employees (SIMPLE),

first box in box 2b should be checked. You may want to get

generally the payer is not required to compute the taxable

one of the free publications from the IRS to help you figure

amount. See the Form 1040 or 1040A instructions to

the taxable amount. For an IRA distribution, see IRAs and

determine the taxable amount. If you are at least age 70 ½,

Roth IRAs on this page. For a direct rollover, other than

you must take minimum distributions from your IRA (other

from a qualified plan to a Roth IRA, zero should be shown,

than a Roth IRA). If you do not, you may be subject to a 50%

and you must enter zero (-0-) on the “Taxable amount” line

excise tax on the amount that should have been distributed.

of your tax return.

See Pub. 590 for more information on IRAs.

If this is a total distribution from a qualified plan and you

Roth IRAs. For distributions from a Roth IRA, generally the

were born before January 2, 1936 (or you are the beneficiary

payer is not required to compute the taxable amount. You

of someone born before January 2, 1936), you may be

must compute any taxable amount on Form 8606. An

eligible for the 10-year tax option. See the Form 4972

amount shown in box 2a may be taxable earnings on an

instructions for more information.

excess contribution.

If you are an eligible retired public safety officer who elected

to exclude from income distributions from your eligible plan

Loans treated as distributions. If you borrow money from

used to pay certain insurance premiums, the amount shown

a qualified plan, section 403(b) plan, or governmental

in box 2a has not been reduced by the exclusion amount.

section 457(b) plan, you may have to treat the loan as a

See the instructions for Form 1040 or Form 1040A for more

distribution and include all or part of the amount borrowed in

information.

your income. There are exceptions to this rule. If your loan

is taxable, Code L will be shown in box 7. See Pub. 575.

Box 2b. If the first box is checked, the payer was unable to

determine the taxable amount, and box 2a should be blank,

Recipient’s identification number. For your protection, this

except for an IRA. It is your responsibility to determine the

form may show only the last four digits of your social security

taxable amount. If the second box is checked, the

number (SSN), individual taxpayer identification number

distribution was a total distribution that closed out your

(ITIN), or adoption taxpayer identification number (ATIN), or

account.

employer identification number (EIN). However, the issuer

has reported your complete identification number to the IRS

Box 3. If you received a lump-sum distribution from a

and, where applicable, to state and/or local governments.

qualified plan and were born before January 2, 1936 (or you

are the beneficiary of someone born before January 2,

Account number. May show an account or other unique

1936), you may be able to elect to treat this amount as a

number the payer assigned to distinguish your account.

capital gain on Form 4972 (not on Schedule D (Form 1040)).

See the Form 4972 instructions. For a charitable gift

Box 1. Shows the total amount you received this year. The

annuity, report as a long-term capital gain as explained in

amount may have been a direct rollover, a transfer or

the instructions for Form 8949.

conversion to a Roth IRA, a recharacterized IRA

contribution; or you may have received it as periodic

Box 4. Shows Federal income tax withheld. Include this

payments, as nonperiodic payments, or as a total

amount on your income tax return as tax withheld, and if

distribution. Report the amount on Form 1040 or 1040A on

box 4 shows an amount (other than zero), attach Copy B

the line for “IRA distributions” or “Pensions and annuities” (or

to your return. Generally, if you will receive payments next

the line for “Taxable amount”), and on Form 8606, as

year that are not eligible rollover distributions, you can

applicable. However, if this is a lump-sum distribution, see

change your withholding or elect not to have income tax

Form 4972. If you have not reached minimum retirement

withheld by giving the payer Form W-4P.

age, report your disability payments on the line for “Wages,

salaries, tips, etc.” on your tax return. Also report on that

Box 5. Generally, this shows the employee’s investment in

line permissible withdrawals from eligible automatic

the contract (after-tax contributions), if any, recovered tax

contribution arrangements and corrective distributions of

free this year; the portion that is your basis in a designated

excess deferrals, excess contributions, or excess aggregate

Roth account; the part of premiums paid on commercial

contributions except if you are self-employed.

annuities or insurance contracts recovered tax free; or the

nontaxable part of a charitable gift annuity. This box does

If a life insurance, annuity, qualified long-term care, or

not show any IRA contributions. If the amount shown is your

endowment contract was transferred tax free to another

1099-R Instructions For Recipient - 2015

Related Articles

Related forms

Related Categories