Definition of 1099-R:
A tax form required by the IRS to report certain distributions to an individual throughout the tax year. The IRS requires income tax filers to submit a 1099-R form if he or she has income from retirement plans, annuities, profit-sharing plans, insurance payouts, pensions or other special distributions. This form is required to be sent to individuals by January 31st of the tax year following the distribution. Some of the items included on this form are; the gross amount of the distribution paid, the amount that is taxable, any federal taxes withheld, any premiums that were paid and a code representing the specific type of transaction that took place.
Meaning of 1099-R & 1099-R Definition