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2018 Form 1099-R for Retirement Plan Distributions Issued by IRS

09/04/2018

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The IRS has issued the 2018 version of Form 1099-R for distributions from pensions and other plans. The 2018 version of the form, “Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.,” and its instructions, include some changes involving distribution codes and disaster distributions.

The 2018 form and instructions largely mirror the 2017 version; however, there are a few changes to note. Highlights of the Form 1099-R changes include new distribution codes for box 7, recharacterization of conversions, disaster distributions and a new box which adds a distribution code for recently added reporting obligations under Code § 6050Y regarding “reportable death benefits” paid under certain life insurance contracts acquired by parties who have no substantial relationship with the insured apart from the life insurance.

Retirement plan administrators must report plan distributions of $10 or more on Form 1099-R, file it with the IRS and deliver to the plan participant or beneficiary.

For more information on Form 1099-R, read the following document on the IRS site: https://www.irs.gov/pub/irs-pdf/f1099r.pdf

LBMC tax tips are provided as an informational and educational service for clients and friends of the firm. The communication is high-level and should not be considered as legal or tax advice to take any specific action. Individuals should consult with their personal tax or legal advisors before making any tax or legal-related decisions. In addition, the information and data presented are based on sources believed to be reliable, but we do not guarantee their accuracy or completeness. The information is current as of the date indicated and is subject to change without notice.