Form 1099-R

Form 1099-R is a record of all distributions, including qualified distributions, premature distributions and direct rollovers, taken from your retirement account. You will not receive a Form 1099-R if you transferred the assets in an account directly from one trustee to another or if you exchanged shares among funds held within the same retirement plan.

  Hover over the letters to get more information on each field.

Your Name and Address.

Recipient's Identification Number: Usually your Social Security Number (SSN) or Employer Identification Number (EIN).

Payer's Name and Federal ID Number:  For forms with multiple records, the same Payer and Federal ID Number is used for all.

The Fund Number and Your Account Number

Gross Distribution: The total amount you received this year plus any federal income tax withholding (if applicable). This amount may have been a rollover or received as periodic payments, nonperiodic payments or a total distribution.

Taxable Amount: This part of the distribution is generally taxable. However, if there is no entry in this box, Invesco may not have all the facts needed to calculate the taxable amount. In that case, the first section in Box 2b (Column F) should be marked.

See the back of your Form 1099-R for more information.

Taxable Amount Not Determined: If the taxable amount of the distribution could not be determined, Box 2a (Column E) typically will be blank and the first section in Box 2b (Column F) will be checked.

Total Distribution: This box will be checked only if the distribution was a total distribution that closed out your account.

Federal Income Tax Withheld: This is the amount of federal income tax withheld on your distribution.

Employee Contributions/Designated Roth Contributions: Shows after-tax contributions, if any, recovered tax-free this year; the portion that is your basis in a designated Roth 401(k) or Roth 403(b) account.

Distribution Code: Codes that id450entify the type of distribution you received.

See the back of your Form 1099-R for a list of codes and their definitions.

IRA/SEP/SIMPLE: If this box is checked, you received an IRA, SEP or SIMPLE distribution.

First Year of Designated Roth Contributions: The first year of the five-year holding period for the Roth 401(k) or Roth 403(b) plan.

Your Questions Answered

Generally, retirement account distributions are reported in the Income section of your tax return. You may need to obtain IRS Form 5329 if this was a premature distribution.

IRS regulations generally require 10% withholding on distributions from retirement accounts, unless the shareholder elects otherwise. This serves as a prepayment of your income taxes and is not to be confused with any IRS penalties for premature withdrawals. Additionally, if your distribution was from a qualified plan or 403(b) account, IRS regulations require 20% withholding on amounts that are eligible to be rolled over to another custodian; this also serves as a prepayment of your income taxes and should not be confused with any IRS penalties.

Your conversion from your traditional IRA to your Roth IRA was a distribution from your traditional IRA and a contribution into your Roth IRA. This distribution is reported on Form 1099-R as taxable income and the Roth contribution is reported on Form 5498.

The recharacterization of your Roth IRA contribution (or previous conversion from a traditional IRA) must be reported in the calendar year in which it occurs. The recharacterization must be reported on Form 8606.

A: You received three copies of your Form 1099-R so that you may provide those copies to different agencies. Copy B is filed with your federal taxes. Copy C is for your own records, while Copy 2 should be used if you are required to file taxes with your particular state.