Compliance Corner

Retirement Updates

IRS Releases Draft 2022 Instructions for Forms 1099-R and 5498

November 09, 2021

The IRS recently released the draft 2022 Instructions for Forms 1099-R and 5498. Form 1099-R reports distributions from retirement plans, pensions, annuities and IRAs. Form 5498 reports contributions to IRAs. The instructions provide specific guidelines for completing the forms.

The IRS updates the form instructions annually to incorporate any recent administrative, reporting or regulatory changes. The 2022 Form 1099-R draft instructions include a new reporting requirement for qualified plan payments to state unclaimed property funds under escheat laws.

Employers who sponsor retirement plans may want to be aware of the draft release but should understand that changes may be made prior to the issuance of the final instructions.

Draft Instructions for Forms 1099-R and 5498 ยป