Internal Revenue Service Form 1099-R reports distributions from pensions, annuities, retirement plans, individual retirement accounts (IRAs) and similar investment products. You'll get a separate 1099-R for any distribution over $10. You have report the taxable income shown on the 1099-R, but you usually don't have to file a copy of the form with your income tax return.
Enter the total from Box 1, gross distribution, of the 1099-R on box 15a of Form 1040 or 1040a, if the distribution is from an IRA, or box 16a if it's money from pensions and annuities. Add the amounts from all 1099-R forms if you get more than one, and record the total amounts.
Complete a Form 4972 if box 3, capital gain, is filled in, to calculate tax on that amount as a capital gain rather than ordinary income, if you qualify. See the instructions for Form 4972 for lump-sum distributions that might qualify for capital gains (to summarize, this applies to a lump sum distribution from a qualified plan for persons born before 1936 or beneficiary of such an account).
Record the amount of income tax withheld, if any, shown in Box 4 of the 1099-R on Line 62 of the 1040 form. Add all the amounts on 1099-R or W-2 forms and enter the total withheld. Attach a copy of the 1099-R to your 1040 if tax was withheld. Keep a copy of all 1099-R forms with your copy of the 1040 and other tax information.
Items you will need
- 1099-R Instructions
- IRS Form 1040
- Refer to the instructions on the back of the 1099-R for using information in other boxes. Those deal with a variety of special situations, like distributions to more than one person.