September 18, 2018
On Sept. 7, 2018, the IRS released a draft of the 2019 Form 1099-R for distributions from pensions, annuities, retirement or profit-sharing plans, IRAs and insurance contracts. This form is sent to participants who withdraw or transfer funds from a number of sources related to retirement and other qualified plans. It reports the gross amount of the distribution, the taxable amount reportable as income and the federal and state withholding amounts. So, each person who withdraws at least $10 from a retirement account, such as a traditional IRA, must receive a Form 1099-R.
The 2019 draft forms are virtually unchanged from the 2018 Form 1099-R. Keep in mind that the draft forms should not be filed for 2019; instead, the IRS will publish final forms at a later date. Even though Forms 1099-R are routinely prepared by the fund custodian of the retirement and qualified plans, employees may have general questions involving the employer’s retirement plans or about the purpose of the form. Employers should familiarize themselves with these forms.
2019 Draft Form 1099-R »