What information is reported on Form 1099-R?

Form 1099-R is specifically designed to report distributions from pensions, annuities, retirement plans, IRAs, and other similar arrangements. This form provides critical information to both the recipient of the distribution and the IRS, ensuring that the distribution amounts are accurately reported for tax purposes.

The reported amounts can include any taxable distributions, as well as the portion that may not be taxable, like after-tax contributions. This form also provides additional information, such as the total amount, any federal income tax withheld, and the reason for the distribution, whether it’s due to retirement, disability, or other qualifying events.

In contrast, wages and salaries are reported on a different form, typically the W-2. Unemployment compensation is reported on a Form 1099-G, and income from rental properties is reported on Schedule E of the tax return. The clear distinction between these forms highlights the specific nature of Form 1099-R in the context of retirement-related income.