Form Instruction 1099-R & 5498
Form Instruction 1099-R & 5498
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Downloadable PDF Form Instruction 1099-R & 5498 2018-2019

What Is Form Instruction 1099-R & 5498

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Form Instruction 1099-R & 5498

Music Music Music hello retiree my name's the names classified in any case I received an anonymous tip that you needed some help this form is that true it's a 1099-r and whether you're newly retired are you been retired for a while it's important understand how your benefit is reported for tax purposes topics will look at include what the 1099 are is and how many you may receive the contents of the form what safe harbor is and how it may apply to you and some additional information you may find helpful in January of each year the ASRs mails a 1099 are formed each person received either a benefit payment or a partial lump sum in the prior year so what is a 1099 our form it's a federal form used to report benefit payments to the IRS your benefit payments are subject to federal and state taxes the 1099 are reports your gross and taxable income received from the SRS if you receive multiple types of benefits from the SRS you will receive multiple 1099 hours for each type of benefit depending on your situation examples include before and after the age of 59 and a half for any partial lump sum distributions survivor benefits refunding or domestic relations order now let's go through the 1099 our form and let me explain what each box represents box one gross distribution this is the full amount of your benefit you receive during the tax year it includes the total of your annuity amount any adjustments in your exclusion amount which is any amount not subject to taxation it does not include the a service premium benefit we'll look at where you can find your annual health insurance premiums towards the end of this video box two a taxable amount this is the amount of your benefit that's taxable it includes all the amounts in box one except for the amount in box five which is a portion of your employee contributions already taxed box to be taxable amount not determined if this box is marked with an X the ASRs did not determine the taxable amount this applies to a small percentage of ASRs retirees box three should be blank box for federal income tax withheld amount of federal income taxes withheld from your benefits during the year if you submitted a w-4 P for the SRS to withhold federal taxes for you the total of all the monthly amounts are shown here if you did not complete a w-4 P form that a follow up holding is married with three exemptions if you received a partial lump sum paid to you the mandatory withholding was 20% of the taxable amount box five employee contributions this is the total of the tax exclusion dollars for the calendar year if you add the amount in box five to the amount of box 2 the total should be the same as the amount in box one gross distribution