1099-R Form

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Form 1099-R is a tax form issued by the Internal Revenue Service. Form 1099-R is used to report distributions from pensions, IRA’s, insurance contracts, life insurance contracts, annuities, and other other retirement plans. Your plan or account custodian will fill out three copies of the 1099-R; one to be sent to the IRS, one to be sent to you, and one for any applicable state or local tax department.

Form 1099-R lists the taxable portion of the distribution, the portion of the distribution allocated to capital gains, and the federal tax withheld from the distribution, among other information. Beneficiaries of such retirement and life insurance plans should receive a Form 1099-R from their plan custodian

Even if you are not retired, you may still receive a 1099-R form if you take a payout on a matured life insurance policy, an early distribution from a traditional IRA, rollover a 401(k) to an IRA, closed a traditional or Roth IRA, or took a loan from a 401(k) and defaulted or have not finished repaying the loan.

Notice: River does not provide investment, financial, tax, or legal advice. The information provided is general and illustrative in nature and therefore is not intended to provide, and should not be relied on for, tax advice. We encourage you to consult the appropriate tax professional to understand your personal tax circumstances.