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J.K. Lasser's Your Income Tax 2013: For Preparing Your 2012 Tax Return by J.K. Lasser Institute

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7.1 Retirement Distributions on Form 1099-R

On Form 1099-R, payments from pensions, annuities, IRAs, Roth IRAs, SIMPLE IRAs, insurance contracts, profit-sharing, and other qualified corporate and self-employed plans are reported to you and the IRS. Social Security benefits are reported on Form SSA-1099; see Chapter 34 for the special rules to apply in determining the taxable portion of Social Security benefits.

Here is a guide to the information reported on Form 1099-R. A sample form is on the next page.

Box 1.

The total amount received from the payer is shown here without taking any withholdings into account. If you file Form 1040, report the Box 1 total on Line 15a if the payment is from an IRA, or on Line 16a if from a pension or an annuity. However, if the amount is a qualifying lump-sum distribution for which you are claiming averaging, use Form 4972 (7.4).

If you file Form 1040A, report the Box 1 total on Line 11a if from an IRA or on Line 12a if from a pension or an annuity.

If an exchange of insurance contracts was made, the value of the contract will be shown in Box 1, but if the exchange qualified as tax free, a zero taxable amount will be shown in Box 2a and Code 6 will be entered in Box 7.

Boxes 2a and 2b.

The taxable portion of distributions from employer plans and insurance contracts may be shown in Box 2a. The taxable portion does not include your after-tax contributions to an employer plan or insurance premium payments.

If the payer cannot figure the taxable portion, ...

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