What do you Need to Know About the 1099 R Form 2018 in 2020?

1099 R Form 2018 is an IRS form used for reporting distributions from pensions, annuities, IRAs, and retirement accounts. It deals with types of passive income that may be separate from salaries, applying primarily to retired folks and senior citizens. This form is required for any benefits payout of more than $10 to the receiver. These benefits are subject to federal tax, so the form helps determine how much of the distribution is taxed.

Below, we’ll walk new filers and first-time accountants through the basic 1099-R form 2018 ropes. Additionally, if you need to file this form, you likely need to do so en masse. If this is the case, only a software solution – like those provided by AMS – can help you do so quickly and efficiently.

 

 

Important Deadlines for 1099 R Form 2018

1099 R Forms should arrive to the recipient by January 31st. From here, you have until the April 15th deadline to complete the form. Of course, if you’re searching for 2018 information, this deadline has lapsed. Still, if you are back-filing tax and wage forms, you should do so as soon as possible.

If you work as an accountant, you should expect this form for any clients that have received a retirement distribution of more than $10. It is important to note that a client of yours who still works could receive this form if they have withdrawn any funds from their retirement plan during the year. The form is not solely for retired people.

 

If You Do Not Receive 1099 R Form 2018

Since institutions must send the form by January 31st, note that it may be in transit for several days after the deadline. If January 31st and a few buffer days pass and your client has not gotten the form yet, there could be a couple of explanations. One reason is that they did not pass the $10 threshold for taxable distributions. In this case, the financial institution does not send a form to the client.

If your client withdrew more than $10 and has not received the form, this could be a mistake on the financial institution’s part. The best way to resolve the absence of the form is to promptly contact the appropriate retirement plan issuer responsible for filing the form. The IRS recommends getting in contact with the payer first. If they do not provide the form by February 15th, you should call the IRS or your institution.

 

How AMS Filing Software Can Help with 1099 R Form 2018

This is an especially relevant form this year, considering the large aging population who will see retirement benefits. For people who handle multiple retirement accounts, it can be challenging to keep all their client’s information straight. You might be interested in using a filing software like the W-2/1099 Forms Filer from Advanced Micro Solutions. This tool can make the process easier and more convenient.

 

 

The software supports and can generate almost all 1099 forms. Additionally, the software allows you to enter the client’s information once and have that information applied in forms without having to reenter it. This feature is helpful not only for the 1099 R Form, but all forms retired seniors must complete. The filing software can be extremely useful to help you complete your client’s filings accurately and efficiently.

Software Solutions from AMS

Our W-2 and 1099 Forms Filer is our only required platform. From there, users pick the services they need. Choose from the tools below to build out your customized accounting software.