IRS form 1099-R
IRS form 1099-R is the retirement tax distribution form retirees receive. IRS information on form 1099-r can be found here...
When can I expect my 1099-R form?
WRS will mail 1099-R forms by Jan. 31. Retirees who haven’t received their 1099-R form by the middle of February should call WRS to request a duplicate.
What happens if I had a change of address?
WRS will send your 1099-R to the address we have on file for you. If you have changed your address recently, you must update your address with WRS before mid-January to receive your 1099-R form by mail. You can change your address in the Online Pension Account or by completing a change of information form available on our pension forms page. You may also access your 1099-R form online.
Is it possible that I will receive more than one 1099-R?
Most members receive only one, but there are instances where multiple forms are generated. When filing your taxes, you will need to add the appropriate figures together and submit all 1099-R forms to the IRS. Here are some “multiple 1099-R” reasons:
- Turning 59½ during the past year. The pre-59½ payments are coded “2” (early distribution) and the post-59½ payments are coded “7” (regular distribution).
- Receiving two distributions from a plan, perhaps as both a survivor beneficiary and as a retiree.
- Receiving distributions from two different plans (i.e. law enforcement turned teacher, retired from both plans).
- Multiple refunds with different tax consequences (portion rolled over to a qualified plan like a 401k or 457, part taken directly).
Can I access my 1099-R form online?
Your 1099-R will be posted to your Online Pension Account in late January.
How to Read Your 1099-R
Box 1 - Gross distribution
Benefits WRS paid to you in the tax year.
Box 2a - Taxable amount
Total taxable amount of your gross distribution.
Box 4 - Federal income tax withheld
Total amount of federal income tax withheld in the tax year.
Box 5 - Employee contributions/Designated Roth contributions or insurance premiums
This description of box 5 can cause confusion. Some retirees mistakenly believe the amount in this box is a contribution to a Roth IRA or an insurance premium. The amount shown in box 5 is not a deduction. The figure in box 5 represents the nontaxable portion of a retiree’s gross earnings during the tax year.
If a retiree adds the amount in box 5 to the amount in box 2a, which is the taxable amount, the sum is equal to box 1, the gross distribution.
A portion of a retiree’s gross distribution may be nontaxable if some of the contributions paid into their retirement account while they were an active employee were taxed at the time they were contributed. However, not all members will have a nontaxable amount.
Retirees may have zero listed in box 5 if they were not taxed on any of the contributions made into their retirement account. They may also have zero listed in box 5 if the balance of the nontaxable portion of their contributions has already been paid out to them over the course of their retirement.
If you have further questions, please contact firstname.lastname@example.org or call (307) 777-7691 and ask for the payroll section.