Boston Massachusetts Form Instruction 1099-R & 5498 2024-2025

Boston Massachusetts Form Instruction 1099-R & 5498: What You Should Know

Mar 10, 222 — Revised Form 1099-R, Distribution from Pensions, Annuities, Retirement or Profit-Sharing Plans. Mar 4, 2025 — Form 8888 — Annual Reporting of Pension Income. This form is sent to all active members of all Massachusetts retirement and income fund funds, including those located in Massachusetts and any other state. The funds will receive Form 1098-NR's, but Form 8888 won't do any changes (except with respect to income distribution figures). This form has the same form number as the Form 8888-EZ, Annual Report of Social Security Benefits. If that form is filed before Form 1098-NR is filed, then the Form 8888-EZ is filed as a statement of information. It contains a different income figure for each pension, annuity, and defined benefit plan and may report higher earnings, capital gains, and self-employment income for certain funds. The Forms 1099-R and 5498 give a general breakdown of any investment earnings, capital gain/losses, and other income, such as dividends on securities or profits on securities, but no details regarding the source of the income. They don't have any of the information you'll need, such as whether the distributions are paid from income, interest, or other funds of the fund, including funds located outside of Massachusetts. You need a Form 1099-R or Form 5498 if your pension, annuity, or annuity/reinsurance fund is based and managed in Massachusetts, or if any other funds you own or manage in Massachusetts, or if you have any money in a fund of funds located in Mass., and your income and distributions are tax- related. As an active participant or former participant, you must file a Form 1099-R or 5498 if you received any type of investment earnings or capital gains during the calendar year. You also must file a Form 1099-R or 5498 if your distribution is made after filing Form 1098-NR. If you don't, the IRS may hold the funds at arm's length, and you may lose them as a result. Example: If your pension, annuity, or annuity/reinsurance plan doesn't have any Massachusetts participants, you won't be required to file a Form 1099-R or 5498.

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