The 1099-R tax form reports the amount of income you received during the tax year. The form contains boxes you will need to use to complete your federal and state tax returns. The 1099-R tax forms are mailed by the end of January each year and available to access and download online by logging in to myCalPERS.
Here’s a detailed description of the information you’ll be provided:
Boxes
1 – Gross Distribution
This is the total dollar amount of the benefits you received before any deductions were withheld.
2a – Taxable Amount
This shows the amount of your benefits that are taxable.
2b – Taxable Amount Not Determined
An “X” is present if benefit payments started July 2, 1986, through December 31, 1986, when federal and state law were using two different methods for determining the taxability of benefits.
2b – Total Distribution
An "X" indicates the recipient received the entire amount of the death benefit lump sum distribution.
3 – Capital Gains
This amount represents the portion of a taxable death benefit lump sum distribution that is subject to capital gains treatment.
4 – Federal Income Tax Withheld
This is the amount of federal income tax that was withheld from your gross distribution.
5 – Employee Contributions
This is the annual tax-free amount of your benefit. This is based upon contributions or payments you made to the Internal Revenue Service (IRS) while working, if any.
7 – Distribution Codes
This code indicates the type of benefit being reported to IRS:
Table of Distribution Codes and Their Descriptions of Benefits Reported to IRS | Distribution Code | Benefit Type |
| 1 | Early distribution, no known exception: Partial service retirement distribution being paid to a member who is under age 59 1/2 on December 31 of the tax year being reported. |
| 2 | Early distribution, exception applies: Service retirement or pre-retirement death benefit distribution being paid to a member who is under 59 1/2 on December 31 of the tax year being reported. |
| 3 | Disability retirement or pre-retirement special death distribution. |
| 4 | Death benefit lump sum (or 1959 survivor rollover) distribution made to a decedent's beneficiary or survivor, including their trust or estate. |
| 4a | Indicates the amount reported is a death benefit lump sum distribution which may be eligible for the 10-year tax option method of computing the tax. |
| 4b | Indicates the amount reported is a death benefit lump sum distribution which may be subject to the death benefit exclusion Note: The death benefit exclusion was repealed for death dates after August 20, 1996. |
| 4c | Indicates the amount reported is a death benefit lump sum distribution which may be eligible for taxability provisions under distribution codes 4a and 4b. |
| 4g | Indicates the amount reported is a death benefit distribution which was a direct rollover distribution to a tax-sheltered annuity or an individual retirement account (IRA). |
| G | Direct rollover of a distribution to a qualified plan or an IRA. |
| 7 | Normal distribution. Service retirement or pre-retirement death monthly benefit distribution being paid to a participant who is at least 59 1/2 on December 31 of the tax year being reported. |
9a – Your Percent of Total Distribution
This indicates what percentage of the entire benefit you received when a death benefit lump sum distribution is paid to more than one beneficiary. We can’t divulge the names of any other beneficiaries who may have received a portion of the benefit.
If you received the entire distribution, there will be an "X" in Box 2b.
14 – State Income Tax Withheld
This is the total amount of California state income tax that was withheld from your gross distribution.
Recipient’s Name/Address
This is the mailing address that we currently have on file for you as of December 31. If you’d like to verify your address, log in to myCalPERS. If you don’t have an account yet, visit using myCalPERS to find out how to register.
Account Number
If present, this represents a unique number provided to the IRS for account-processing purposes.
Disclaimer
This information isn't intended as tax advice. For more information, contact a professional tax adviser, the Internal Revenue Service or California Franchise Tax Board.
FAQs
Form 1099-R is used to report the distribution of retirement benefits such as pensions and annuities. You should receive a copy of Form 1099-R, or some variation, if you received a distribution of $10 or more from your retirement plan.
How do I read my 1099-R? ›
Reading Your 1099-R
- Box 1: The gross distribution is the total amount you received from your WRS account. ...
- Box 2a: The taxable amount on the distribution from your WRS account. ...
- Box 5: Shows the non-taxable portion of your monthly payment. ...
- Box 7: A distribution code identifies the type of distribution you received.
Generally, the issuer of the 1099-R will have an amount listed in Box 2a for the taxable amount. If no amount is listed, you will need to determine the amount yourself. If this is a Roth Distribution that has been held for 5 or more years and you are withdrawing the contributions only, enter $0 for Box 2a.
Do I have to claim a 1099-R on my taxes? ›
Reportable disability payments made from a retirement plan must be reported on Form 1099-R. Generally, do not report payments subject to withholding of social security and Medicare taxes on this form. Report such payments on Form W-2, Wage and Tax Statement.
What is the understanding of a 1099-R? ›
Form 1099-R is the Internal Revenue Service form reporting a taxpayer's distributions from pensions, annuities, IRAs, insurance contracts, profit-sharing plans and/or retirement plans (including section 457 state and local government plans).
Does a 1099-R count as income? ›
You'll most likely report amounts from Form 1099-R as ordinary income on line 4b and 5b of the Form 1040. The 1099-R form is an informational return, which means you'll use it to report income on your federal tax return.
What does code G mean on 1099-R but taxable amount? ›
G – Distribution Code G represents amounts that you elected to rollover to another qualified retirement account, such as an Individual Retirement Account (IRA).
What is the unknown taxable amount on a 1099-R? ›
Bing sez: If the taxable amount is not determined on your 1099-R, it means that the tax-free portion of your annuity has not been calculated 1 2. If you did not make any non-deductible contributions, the entire amount would be taxable 1.
What happens if you don't report 1099-R? ›
If you receive a Form 1099-R and do not report the distribution on your tax return, the IRS will likely send you a CP2000, Underreported Income notice. This IRS notice will propose additional tax, penalties and interest on your distributions and any other unreported income.
How do I know if my 1099-R is a Roth IRA? ›
Distributions from a Roth IRA will have code J, T or Q. Distributions from a traditional IRA will have code 1, 2, 4, or 7.
To avoid the funds being taxed as income and possible early distribution penalties, typically the funds must be rolled over into a qualified account within 60 days of distribution. Generally, you are only allowed to do one indirect rollover in a 12-month period regardless of how many IRA-type accounts that you have.
What Turbotax do I need if I have a 1099-R? ›
A 1099-R is income reported on other forms and not part of the free edition. You can enter the 1099-R in any version. The program will prompt you to upgrade your program, if needed.
Do pensions count as earned income? ›
Earned income does not include amounts such as pensions and annuities, welfare benefits, unemployment compensation, worker's compensation benefits, or social security benefits. For tax years after 2003, members of the military who receive excludable combat zone compensation may elect to include it in earned income.
How to figure taxable amount on 1099-R? ›
Box 2a, Taxable Amount: This is the portion of pre-tax money of your Gross Distribution (in Box 1). Any post-tax money distributed would be represented in Box 5. When combined, these two boxes should equal your total distribution in Box 1.
Do I have to report 1099-R if taxable amount is 0? ›
If none of the gross distribution in block 1 Gross Distribution on a 1099-R is taxable, you must enter 0 in block 2a Taxable amount. If block 2a is left blank, the entire amount of the distribution entered in block 1 Gross Distribution is treated as taxable.
Will I get a 1099-R if I didn't withdraw? ›
A 1099-R reports distributions from retirement accounts. Distributions from other sources may also be reported on a 1099-R, and it's possible to get one even if you're not making withdrawals to fund your retirement.
What box is the total distribution on a 1099-R? ›
If you received the entire distribution, there will be an "X" in Box 2b.
What do all the codes in box 7 of the 1099-R mean? ›
What do the distribution codes in Box 7 of my 1099-R mean?
| Code | Definition |
|---|
| Q | Qualified distribution from a Roth IRA. |
| R | Recharacterized IRA contribution made for 2022. |
| S | Early distribution from a SIMPLE IRA in first 2 years, no known exception (under age 59½). |
| T | Roth IRA distribution, exception applies. |
25 more rowsBox 16 on Form 1099-R is where the state income distribution is reported. It is possible if you leave that entry blank when you prepare your state tax return the distribution won't appear as taxable on it.
How do you read a 1099 statement? ›
First, look at the 1099-DIV; this section lists any dividend payments from securities, like stocks and ETFs, and capital gains from other securities, like mutual funds. Second, look at the 1099-INT; this lists interest income that could be generated from securities like Treasuries and certificates of deposit.
