What is a Form 1099-R For 2024
What is a 1099-R Form used For? An Overview
Updated on October 01, 2024 - 12:00 PM by Admin, TaxBandits
Form 1099-R is used to report distributions from a variety of retirement accounts and benefits. Some of these include IRAs, pensions, annuities, profit sharing, and insurance contracts. Here is a helpful overview to file Form 1099-R.
In this article, we cover the following topics:
1. What is the IRS Form 1099-R?
Form 1099-R is an IRS tax form used by Financial institutions that have made a distribution of $10 or more from the retirement plans and benefits must report the amounts on Form 1099-R. Payments of reportable death benefits must also be included on Form 1099-R, as well as any reportable disability payments.
2. When is the deadline to file 1099-R?
The IRS has set a deadline to file Form 1099-R for efiling, recipient copy and paper copies.
| Recipient Copy | Paper filing | E-filing |
|---|---|---|
|
January 31, 2025 |
February 28, 2025 |
March 31, 2025 |
TaxBandits supports the secure and accurate filing of Form 1099-R Forms with the IRS and State. We also offer solutions for the distribution of your recipient copies. E-file 1099-R Now
3. What Information is Required to File Form 1099-R Online?
The following information is required to complete Form 1099-R either on paper or online:
- The payer’s TIN, name, and address
- The Payee’s TIN, name, address, and account number if applicable
- The gross distribution
- Taxable and nontaxable amounts
- Employee contributions
- The type of retirement account
Click here to learn more about the Form 1099-R instructions.
4. How to file Form 1099-R for 2024 Tax Year
E-filing is the easiest and most convenient way to file Form 1099-R. With all the time-saving features from TaxBandits, you can file in minutes. Just follow these simple steps:
- Create an account with TaxBandits.
- Select or add the business you are filing for.
- Enter the required Form 1099-R details.
- Review and transmit Form 1099-R to the IRS.
Get started with TaxBandits today and stay compliant with the IRS! E-file as low as $0.80/Form
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