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.
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