how to file form 1099 r
the form is provided by the plan issuer who must give a copy to the irs the recipient of the distribution and the recipient s state city or local tax department as with other irs forms the 1099 r form should also include the payer s name address telephone number and taxpayer identification number tin it should also have the recipient s name address and taxpayer identification number which for most individual taxpayers is their social security number ssn some of the other items included on the form are the gross distribution paid during the tax year the amount of taxable distribution the federal income tax withheld at source any contributions made to the investment or insurance premiums paid and a code representing the type of distributions made to the plan holder a 1099 r form uses a variety of numbered and lettered codes to indicate the type of distribution they are entered in box 7 on the form a table of the codes is included in the instructions as noted above form 1099 r is used to record and report distributions from retirement accounts in addition to the recipient s identifying information including their name date of birth and other personal data it also includes information about the nature of the money being distributed this denotes information about the owner s contributions to the account the unrealized value of any securities held in it capital gains and any taxes that are due on the distribution this information is then used by the owner of the account when they file their annual taxes other relevant formsform 1099 r is one of many different types of 1099 forms collectively referred to as the information return forms information returns are used by the irs to keep taxpayers from underreporting their income each type of information return is intended to capture a different type of payment or transaction although there are approximately 20 types of information returns most taxpayers will only ever receive a handful of them here are the most common form 1099s form 1099 int is issued by all financial institutions to investors at the end of the year it includes a breakdown of all types of interest income and related expenses all financial institutions and payers of interest must issue a 1099 int for any party to whom they paid at least 10 of interest during the year form 1099 div is sent by banks and other financial institutions to investors who receive dividends and distributions from any type of investment during a calendar year investors can receive multiple 1099 divs each 1099 div form should be reported on a taxpayer s tax filing independent contractors freelancers sole proprietors and self employed individuals receive form 1099 misc from each client that paid them 600 or more in a calendar year this form is also used to report miscellaneous compensation such as rent prizes awards healthcare payments and payments to an attorney form 1099 k reports the gross amount of all reportable payment transactions taxpayers are sent a form 1099 k from a payment settlement entity if they receive payments in settlement of reportable payment transactions a reportable payment transaction is a payment card transaction or a third party network transaction such as venmo zelle and paypal reportable transactions include any that arise from payment card transactions such as debit credit and prepaid cards any transactions that are settled through third party payment networks also qualify the table below sets out minimum reporting thresholds source understanding your form 1099 k irs in other words taxpayers should receive a 1099 k from all payment settlement entities that process debit card credit card or prepaid credit card payments on the taxpayer s behalf and from any pse that processes more than 600 in third party network transactions as of 2023 payments to and from family members and friends are not reportable transactions form 1099 b is used by brokerages and barter exchanges to record customers gains and losses during a tax year individual taxpayers will receive this form already filled out from their brokers or barter exchange taxpayers receive form 1099 g if they receive unemployment compensation payments state or local income tax refunds or certain other payments from a government or government agency if you receive this form you may need to report some of the information on your income tax return 