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1099 R Form: What You Should Know

W-2's, 1099-Rs are paid in two installments, the first in early April (see below) and the second by mid-April (see below). Annuities : Use 1098-R's to report distributions from annuities. Cancellation of Retirement Plan or Plan of After-Tax Funds Income tax returns should provide sufficient information to determine income received from an investment by the participant. The amount reported would be the participant's investment income received during a specified tax year. A participant might receive the following (or similar) amounts: Investment income received from a qualified 401(k), 457(b), or 403(b) Plan, including interest, dividends, annuities, capital gains, and interest on savings bonds; Capital gains from the sale or exchange of a capital asset (other than an interest held in an individual retirement account (IRA), qualified pension plan, annuity, or individual retirement annuity (IRA-RA)); or Other investment income received from a plan. If you are receiving a distribution on or after a participant's death, you should provide proof of this income and provide a copy of the IRS Form 1095-A for your distribution to the participant's beneficiary; If you have not received income tax with your distribution: Do either of the following: Report the amount reported by line 27d of Form 1040 (or the 1040A) and send it to the IRS. You should provide a copy of Form 1099-R or a letter from the issuer of the annuity showing payment of the income tax (including any tax withheld or estimated taxes) in full. This amount is also included as part of your report by line 6 on Form 1040 or line 12 of Form 1040A. Send the amount reported on Form 1040 (or the 1040A) and a copy of Forms 2555 or 2555-EZ to the IRS. If you have not received a report of your withholding, you will include this amount and line 6 on your return.

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