The IRS recently released the final version of the 2018 Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance, Contracts, etc. This form is used to report income from a number of sources related to retirement and other qualified plans.
The final draft formalizes all of the previous changes noted in the 2018 draft version of the 1099-R, with no further updates. Those changes are listed below for reference:
- “Date of Payment” is a new box on the form, adjacent to the “Account Number” box.
- This box shows the date of payment for reportable death benefits under Section 6050Y.
- Under “Instructions for Recipient”, the “Qualified Plans” section is now known as “Qualified Plans and Section 403(b) plans”.
- Under “Instructions for Recipient”, Box 1 instructions add language for reportable death benefits.
- If Code C is shown in Box 7, Box 1 amounts are a receipt of reportable death benefits that is taxable in part.
- Box 5 will now also account for investments in a life insurance contract reportable under Section 6050Y.
- Under “Instructions for Recipient”, Box 7 has two new codes:
- Code C: Reportable death benefits under Section 6050Y;
- Code M: Qualified plan loan offset.
- Under “Instructions for Payer”, the electronic filing deadline for TY 2018 was moved from April 2 to April 1.
To review the final draft of the 2018 Form 1099-R, please click here.
About the Author
Paul Ogawa is a Junior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.More Content by Paul Ogawa