what is form 1099 r distributions from pensions annuities retirement or profit sharing plans 
form 1099 r distributions from pensions annuities retirement or profit sharing plans is an internal revenue service irs tax form used for reporting passive income and distributions from retirement plans the form deals specifically with annuities profit sharing plans retirement plans individual retirement accounts iras insurance contracts or pensions the form is one of many in the 1099 series they are known as information returns and are used to report various types of income that a person may receive other than their salary such as independent contractor income interest dividends or government payments who can file form 1099 r according to the irs an entity that manages any of the accounts listed below is required to fill out a 1099 r form for each distribution of over 10 in addition rollover transfers from one retirement account to another will also be recorded on form 1099 r a direct rollover is recorded with the distribution code g or h in box 7 some plans allow individuals to borrow against the savings in their retirement account provided that they repay the loan with interest over time these loans are not recorded on form 1099 r since they are not considered a distribution however if the borrower fails to make regular payments the missed payments will be considered an early distribution and reported on form 1099 r with the distribution code l these distributions are considered taxable income and may incur early withdrawal penalties like most 1099s 1099 r forms must be sent to recipients by january 31 of the year following the tax year anyone who receives a 1099 r must include the amount shown on it in their income tax return and pay applicable taxes if you receive a 1099 r keep in mind that not all distributions from retirement or tax deferred accounts are subject to tax a direct rollover from a 401 k plan to an ira is one example if you are unsure whether a distribution is taxable it may be a good idea to consult with a tax professional an individual who receives a 1099 r form in error should immediately contact the plan custodian to rectify the situation and avoid filing an incorrect tax return 