IRS Form 1099-R (Tax Year 2024)
Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
Software
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Use the software today!Transmit directly to the IRS.
- Requires a TCC code issued by the IRS and IDme account.
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Outsourcing
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Software Advantages
It's Secure: Transmit your data directly to the IRS or to any specific state portal. Your data is not transmitted via the cloud or any third party.
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Print: Copy B can be printed on plain paper with black ink. No additional forms need to be purchased. Designed to be tri-folded into a standard,
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Outsourcing Advantages
We can print, mail and electronically file on your behalf originals or corrections for current or prior tax years to the IRS through the Combined Federal/State
program and to any specific states.
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New Electronic Filing Mandate
IRS mandates electronic filing of 10 or more information returns. The new threshold is effective for information returns beginning tax year 2023. FIRE TCC holders who submitted their TCC
application prior to September 26, 2021, must complete and submit a new application and verify their identity through ID.me, an IRS provider of sign-in services.
You can only paper file information returns to the IRS if you have 10 or fewer aggregate returns to file. If you have more than 10 information returns of any one type
(such as Forms 1099, W-2, or 1098), the IRS mandates electronic filing instead of paper filing.
More companies are moving to third party efiling solutions due to this new threshold and efiling requirements. Contact 1099FIRE at (480) 706-6474 for more information
on outsourcing solution.
Original, Corrections, Prior Years
Not a problem. Our software and outsourcing services are capable of meeting your needs. Print and electronically file originals or corrections for current or prior tax years.
About IRS Form 1099-R
IRS Form 1099-R is a tax form used to report distributions from pensions, annuities, retirement plans and IRAs.
Who Sends Form 1099-R: The entity responsible for managing or distributing retirement or pension funds sends
Form 1099-R to both the IRS and the recipient. These entities include:
• Financial Institutions: Such as banks, brokerage firms, or insurance companies handling IRAs or annuities.
• Pension Plan Administrators: For employer-sponsored retirement plans like 401(k)s or pensions.
• Government Agencies: Issuing distributions from government retirement plans, military pensions, or certain disability
retirement payments.
Who Receives Form 1099-R: Form 1099-R is received by individuals who took distributions during the tax year from:
• Retirement Accounts: Including 401(k), 403(b), 457(b), or profit-sharing plans.
• Individual Retirement Arrangements (IRAs): Including traditional, Roth, SEP, and SIMPLE IRAs.
• Annuities and Insurance Contracts: If these contracts pay periodic distributions.
• Government and Military Pensions: Includes distributions from federal, state, and military retirement plans.
Purpose of Form 1099-R: The purpose of Form 1099-R is to notify the IRS and the taxpayer about these
distributions, which are generally considered taxable income.
Due Date: Furnish Copy B to the recipient by January 31. File electronically by March 31.
