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 3
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24A separate Form 1099-R must be used to report
Roth IRA conversions. You must report a traditional,
the total annual distribution from a designated
!
SEP, or SIMPLE IRA distribution that you know is
Roth account.
converted this year to a Roth IRA in boxes 1 and 2a
CAUTION
(checking box 2b “Taxable amount not determined”
Distributions allocable to an in-plan Roth rollover
unless otherwise directed elsewhere in these
(IRR). The distribution of an amount allocable to the
instructions), even if the conversion is a trustee-to-trustee
taxable amount of an in-plan Roth rollover (IRR), made
transfer or is with the same trustee. Enter Code 2 or 7 in
within the 5-year period beginning with the first day of the
box 7 depending on the participant's age.
participant’s tax year in which the rollover was made, is
treated as includible in gross income for purposes of
IRA Revocation or Account Closure
applying section 72(t) to the distribution. The total amount
If a traditional or Roth IRA is revoked during its first 7 days
allocable to such an IRR is reported in box 10. See the
(under Regulations section 1.408-6(d)(4)(ii)) or is closed
instructions for Box 10, later.
at any time by the IRA trustee or custodian due to a failure
of the taxpayer to satisfy the Customer Identification
IRA Distributions
Program requirements described in section 326 of the
For deemed IRAs under section 408(q), use the
USA PATRIOT Act, the distribution from the IRA must be
rules that apply to traditional IRAs or Roth IRAs
reported. In addition, Form 5498, IRA Contribution
TIP
as applicable. Simplified employee pension
Information, must be filed to report any regular, rollover,
(SEP) IRAs and savings incentive match plan for
Roth IRA conversion, SEP IRA, or SIMPLE IRA
employees (SIMPLE) IRAs, however, may not be used as
contribution to an IRA that is subsequently revoked or
deemed IRAs.
closed by the trustee or custodian.
If a regular contribution is made to a traditional or Roth
Deemed IRAs. For more information on deemed IRAs in
IRA that later is revoked or closed, and a distribution is
qualified employer plans, see Regulations section
made to the taxpayer, enter the gross distribution in
1.408(q)-1.
box 1. If no earnings are distributed, enter 0 (zero) in
IRAs other than Roth IRAs. Unless otherwise
box 2a and Code 8 in box 7 for a traditional IRA and Code
instructed, distributions from any IRA that is not a Roth
J for a Roth IRA. If earnings are distributed, enter the
IRA must be reported in boxes 1 and 2a. Check the
amount of earnings in box 2a. For a traditional IRA, enter
“Taxable amount not determined” box in box 2b. But see:
Codes 1 and 8, if applicable, in box 7; for a Roth IRA,
Traditional, SEP, or SIMPLE IRA, later, for how to
enter Codes J and 8, if applicable. These earnings could
report the withdrawal of IRA contributions under section
be subject to the 10% early distribution tax under section
408(d)(4);
72(t). If a rollover contribution is made to a traditional or
Transfers, later, for information on trustee-to-trustee
Roth IRA that later is revoked or closed, and distribution is
transfers, including recharacterizations;
made to the taxpayer, enter in boxes 1 and 2a of Form
Reporting a corrective distribution from an IRA under
1099-R the gross distribution and the appropriate code in
section 408(d)(5), later;
box 7 (Code J for a Roth IRA). Follow this same
Reporting IRA revocations or account closures due to
procedure for a transfer from a traditional or Roth IRA to
Customer Identification Program failures, later; and
another IRA of the same type that later is revoked or
Reporting a transfer from a SIMPLE IRA to a
closed. The distribution could be subject to the 10% early
non-SIMPLE IRA within the first 2 years of plan
distribution tax under section 72(t).
participation, later.
If an IRA conversion contribution or a rollover from a
The direct rollover provisions beginning later do not
qualified plan is made to a Roth IRA that later is revoked
apply to distributions from any IRA. However, taxable
or closed, and a distribution is made to the taxpayer, enter
distributions from traditional IRAs and SEP IRAs may be
the gross distribution in box 1 of Form 1099-R. If no
rolled over into an eligible retirement plan. See section
earnings are distributed, enter 0 (zero) in box 2a and
408(d)(3). SIMPLE IRAs may also be rolled over into an
Code J in box 7. If earnings are distributed, enter the
eligible retirement plan, but only after the 2-year period
amount of the earnings in box 2a and Code J in box 7.
described in section 72(t)(6).
These earnings could be subject to the 10% early
An IRA includes all investments under one IRA plan or
distribution tax under section 72(t).
account. File only one Form 1099-R for distributions from
If an employer SEP IRA or SIMPLE IRA plan
all investments under one plan that are paid in 1 year to
contribution is made and the SEP IRA or SIMPLE IRA is
one recipient, unless you must enter different codes in
revoked by the employee or is closed by the trustee or
box 7. You do not have to file a separate Form 1099-R for
custodian, report the distribution as fully taxable.
each distribution under the plan.
For more information on IRAs that have been revoked,
Roth IRAs. For distributions from a Roth IRA, report the
see Rev. Proc. 91-70, 1991-2 C.B. 899.
gross distribution in box 1 but generally leave box 2a
blank. Check the “Taxable amount not determined” box in
Deductible Voluntary Employee Contributions
box 2b. Enter Code J, Q, or T as appropriate in box 7. Do
(DVECs)
not use any other codes with Code Q or Code T. You may
enter Code 8 or P with Code J. For the withdrawal of
If you are reporting a total distribution from a plan that
excess contributions, see Roth IRA, later. It is not
includes a distribution of DVECs, you may file a separate
necessary to mark the IRA/SEP/SIMPLE checkbox.
Form 1099-R to report the distribution of DVECs. If you
-3-
Instructions for Forms 1099-R and 5498 (2016)
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Forms 1099-r And 5498 - Distributions From Pensions, Annuities, Retirement Or Profit-sharing Plans, Iras, Insurance Contracts, Etc. And Ira Contribution Information - Irs - 2017
Financial
Instructions For Form 4852 - Substitute For Form W-2, Wage And Tax Statement, Or Form 1099-r, Distributions From Pensions, Annuities, Retirement Or Profit-sharing Plans, Iras, Insurance Contracts, Etc.
Financial
Form 4852 - Substitute For Form W-2, Wage And Tax Statement, Or Form 1099-r, Distributions From Pensions, Annuities, Retirement Or Profit-sharing Plans, Iras, Insurance Contracts, Etc.
Financial
Instructions For Form 1099-r - Distributions From Pensions, Annuities, Retirement Or Profit-sharing Plans, Iras, Insurance Contracts, Etc
Financial
Form 1099-r - Distributions From Pensions, Annuities, Retirement Or Profit-sharing Plans, Iras, Insurance Contracts, Etc. - 2016
Financial
Form 3525 - California Substitute For Form W-2, Wage And Tax Statement, Or Form 1099-r, Distributions From Pensions, Annuities, Retirement Or Profit-sharing Plans, Iras, Insurance Contracts, Etc.
Financial
Form 3525 - California Substitute For Form W-2, Wage And Tax Statement, Or Form 1099-r, Distributions From Pensions, Annuities, Retirement Or Profit-sharing Plans, Iras, Insurance Contracts, Etc.
Financial
Form 4852 - Substitute For Form W-2, Wage And Tax Statement, Or Form 1099-r - Distributions From Pensions, Annuities, Retirement Or Profit-sharing Plans, Iras, Insurance Contracts, Etc.
Financial
Related Categories
Parent category: Financial