Form Instruction 1099-R & 5498 for Georgia 2024-2025

Form Instruction 1099-R & 5498 for Georgia: What You Should Know

The report may include the following information: The name and address of the participant; his/her Social Security number (the ISSN and SSN for the payer); the year of death date; and the amount of benefits paid by the payer. The report may also include the following information: The date and amount of distributions made to eligible participants (including the account holder), or the name of the payer or payees of the distributions, and the total amount of any distributions made to this participant and to each of his/her beneficiaries on or prior to January 31 of the taxable year and the reason for the distribution, including the name of any account holder. If the distribution is made to an employee who has an employer-provided retirement plan and if there is more than one participant for the plan, you will use a separate report. If a distribution is made to an account holder, you will use Form 1099-R from the payer if the account holder is an individual, the payer provides a separate form. A report based on a Form 1099-R with the appropriate Code and box 7 codes will be used for each participant, regardless of a participant's age. If a Form 1099-R is filed for a participant who is under age 18, you will use the Form 1099-G, Employee's Withholding Allowance and Distributions from Individual Retirement Accounts (IRA), to determine whether the participant qualifies for the IRA distribution exemption. The report is sent electronically to IRAS. The report is sent electronically as a paper copy at no charge, to the participant or their beneficiary. You may also provide to the payer the name and address of any account holder to whom the 1099-R relates and include in the 1099-R the code and box 7 codes for the participant. If the payer is not an individual, you can also provide the name of any account holder to whom the 1099-R refers to the payer's individual retirement accounts (IRA) and a report. Each payment of a reportable death benefit must be included on the 1099-R, unless the payer, the administrator of the IRA or the IRA trust, the executor of the decedent's estate or person acting on behalf of the decedent or his family provides an exemption for a distribution from the IRA to an individual that is reported with the 1099-R.

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