Form 1099-R (Retirement Benefits Distributions)

Form 1099-R is used to report various distributions of retirement benefits, including pensions, annuities, profit-sharing plans, IRAs, insurance contracts, or other retirement plans. Form 1099-R is also used for most public and private pension plans that are not included in the Civil Service System. If you have received a distribution of $10 or more from your retirement plan, you should receive a copy of Form 1099-R (or some variation).

The Form 1099-R Filing Process



Payer
Payer
Form 1099-MISC

Form 1099-R

Subcontractors

Distributions From Pensions, Annuities, Retirement, etc.

icon12
Recipient

Recipient Delivery(Payee)

January
31

Due Date

Federal Filing

Federal Filing (Send to IRS)

State e-file
State E-filing

State e-file

Due Date

Depends on each state

arrow-small

Paper Filing

if
>250 files

E-filing

February
28

Due Date

March
31

Due Date

Important Deadlines for the 2016 Tax Year

Jan

31

Monday

due date calendar

Recipient Copies Must Be Mailed

Feb

28

Tuesday

due date calendar

Paper Copies Must Be Filed with the IRS

Mar

31

Friday

due date calendar

Electronic Copies Must Be E-filed with the IRS

WHO NEEDS TO FILE FORM 1099-R?

You will receive a 1099-R with distributions of $10 or more from your retirement plan. Form 1099-R, in addition to distributions, is used to report:

  • Conversions: Funds moved from a traditional retirement plan to a Roth IRA
  • Rollovers: Funds moved from your retirement savings plan into another account
  • Recharacterizations: This is when you reverse a rollover or conversion to a Roth IRA

WHERE CAN I FILE FORM 1099-R?

If you're filing 250 or more forms, you're required by the IRS to e-file. Even if you don't have that many, the IRS recommends you e-file anyway. ExpressTaxFilings.com provides everything you need to e-file your Form 1099-R with the IRS. The entire e-filing process has been efficiently streamlined so you don’t waste any time completing and transmitting your Form 1099-R. For more information regarding IRS Form 1099-R visit https://www.irs.gov/pub/irs-pdf/f1099r.pdf

STEPS TO E-FILE FORM 1099-R

  • Sign into your ExpressTaxFilings account
  • Start a new 1099-R return
  • Enter payer and recipient details
  • Enter federal & state details (there will be prompts to guide you)
  • Review and transmit your Form 1099-R to the IRS

If you need further assistance you can contact our support team with any questions you have about e-filing Form 1099-R with ExpressTaxFilings.com.

Have a lot of 1099-R forms to send out?

Use our Bulk Upload feature to upload an Excel/CSV file to create 1099-R forms in minutes. You can download our Excel template or use your own customized template for this.

PENALTIES FOR FAILING TO FILE FORM 1099-R

You may be subject to IRS penalties if you faile to file Form 1099-R by the due date. The penallty amount is based on when you file the correct information return. The penalties that you could incur include:

  • $30 per information return if you file correctly within 30 days; maximum penalty of $250,000 per year ($75,000 for small businesses)
  • $60 per information return if you file correctly more than 30 days after the due date but by August 1st ; maximum penalty $500,000 per year ($200,000 for small businesses)
  • $100 per information return if you file after August 1st or you do not file required information returns; maximum penalty $1,500,000 per year ($500,000 for small businesses)