Instructions For Forms 1099-R And 5498 - Distributions From Pensions, Annuities, Retirement Or Profit-Sharing Plans, Iras, Insurance Contracts, Etc. And Ira Contribution Information - 2016 Page 11
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24FMV of an individual retirement annuity issued by a
Box 4, $60 ($300 x 20%) as the withholding on the
company regularly engaged in the selling of contracts
earnings portion of the distribution;
depends on the timing of the conversion as outlined in Q/
Box 5, $4,700 as the designated Roth contribution
A-14 of Regulations section 1.408A-4.
basis (nontaxable amount);
Box 7, Code B; and
For a Roth IRA conversion, use Code 2 in box 7 if the
The first year of the 5-taxable-year period in box 11.
participant is under age 59
or Code 7 if the participant is
1
2
at least age 59
. Also check the IRA/SEP/SIMPLE box in
1
Using the same facts as in the example above, except
2
box 7.
that the distribution was a direct rollover to a Roth IRA, the
issuer would report on Form 1099-R:
Traditional, SEP, or SIMPLE IRA. Generally, you are
Box 1, $5,000 as the gross distribution;
not required to compute the taxable amount of a
Box 2a, 0 (zero) as the taxable amount;
traditional, SEP, or SIMPLE IRA nor designate whether
Box 4, no entry;
any part of a distribution is a return of basis attributable to
Box 5, $4,700 as the designated Roth contribution
nondeductible contributions. Therefore, except as
basis (nontaxable amount);
provided below or elsewhere in these instructions, report
the total amount distributed from a traditional, SEP, or
Box 7, Code H; and
SIMPLE IRA in box 2a. This will be the same amount
The first year of the 5-taxable-year period in box 11.
reported in box 1. Check the “Taxable amount not
Losses. If a distribution is a loss, do not enter a negative
determined” box in box 2b.
amount in this box. For example, if an employee's 401(k)
For a distribution by a trust representing CDs redeemed
account balance, consisting solely of stock, is distributed
early, report the net amount distributed. Do not include
but the value is less than the employee's remaining
any amount paid for IRA insurance protection in
after-tax contributions or designated Roth contributions,
this box.
enter the value of the stock in box 1, leave box 2a blank,
For a distribution of contributions plus earnings from an
and enter the employee's contributions or designated
IRA before the due date of the return under section 408(d)
Roth contributions in box 5.
(4), report the gross distribution in box 1, only the earnings
For a plan with no after-tax contributions or designated
in box 2a, and enter Code 8 or P, whichever is applicable,
Roth contributions, even though the value of the account
in box 7. Enter Code 1 or 4 also, if applicable.
may have decreased, there is no loss for reporting
For a distribution of excess contributions without
purposes. Therefore, if there are no employer securities
earnings after the due date of the individual's return under
distributed, show the actual cash and/or FMV of property
section 408(d)(5), leave box 2a blank, and check the
distributed in boxes 1 and 2a, and make no entry in box 5.
“Taxable amount not determined” box in box 2b. Use
If only employer securities are distributed, show the FMV
Code 1 or 7 in box 7 depending on the age of the
of the securities in boxes 1 and 2a and make no entry in
participant.
box 5 or 6. If both employer securities and cash or other
For an amount in a traditional IRA or a SEP IRA paid
property are distributed, show the actual cash and/or FMV
directly to an accepting employer plan, or an amount in a
of the property (including employer securities) distributed
SIMPLE IRA paid directly to an accepting employer plan
in box 1, the gross less any NUA on employer securities in
after the 2-year period (see section 72(t)(6)), enter the
box 2a, no entry in box 5, and any NUA in box 6.
gross amount in box 1, 0 (zero) in box 2a, and Code G in
Roth IRA. For a distribution from a Roth IRA, report the
box 7.
total distribution in box 1 and leave box 2a blank except in
Box 2b. Taxable Amount Not Determined
the case of an IRA revocation or account closure and a
recharacterization, earlier. Use Code J, Q, or T as
Enter an “X” in this box if you are unable to reasonably
appropriate in box 7. Use Code 8 or P, if applicable, in
obtain the data needed to compute the taxable amount.
box 7 with Code J. Do not combine Code Q or T with any
In addition, enter an “X” in this box if you are an FFI
other codes.
reporting in box 1 to satisfy your chapter 4 reporting
However, for the distribution of excess Roth IRA
requirement under the election described in Regulations
contributions, report the gross distribution in box 1 and
section 1.1471-4(d)(5)(i)(B).
only the earnings in box 2a. Enter Code J and Code 8 or P
If you check this box, leave box 2a blank; but see
in box 7.
Traditional, SEP, or SIMPLE IRA on this page. Except for
Roth IRA conversions. Report the total amount
IRAs, make every effort to compute the
converted from a traditional IRA, SEP IRA, or SIMPLE IRA
taxable amount.
to a Roth IRA in box 2a. Check the “Taxable amount not
determined” box in box 2b. A conversion is considered a
Box 2b. Total Distribution
distribution and must be reported even if it is with the
Enter an “X” in this box only if the payment shown in box 1
same trustee and even if the conversion is done by a
is a total distribution. A total distribution is one or more
trustee-to-trustee transfer. When an individual retirement
distributions within 1 tax year in which the entire balance
annuity described in section 408(b) is converted to a Roth
of the account is distributed. If periodic or installment
IRA, the amount that is treated as distributed is the FMV of
payments are made, mark this box in the year the final
the annuity contract on the date the annuity contract is
payment is made.
converted. This rule also applies when a traditional IRA
holds an annuity contract as an account asset and the
traditional IRA is converted to a Roth IRA. Determining the
-11-
Instructions for Forms 1099-R and 5498 (2016)
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