Do money amounts transfer from the prior year for 1099-Rs?

No, the only information that comes over is the payer and employee information. Though the funds reported on 1099-Rs may not differ much from one year to the next, there is always the risk of misreporting the amount. To play it safe, our software does not transfer money amounts from year to year. This will encourage users to double-check these amounts prior to reporting, ensuring a more accurate filing process.

Form 1099-R is used to report distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts, or pensions. Specifically, it deals with passive income and retirement plans. People who handle these forms typically work at financial institutions. Anyone who receives a distribution more than $10 will require a 1099-R form.


1099-R Distribution Schedules

We understand that the distributed funds reflected in a 1099-R form might not vary very much. Some of these distributions are on a pre-set schedule, which means the same amount is distributed in regular intervals throughout the year. However, small changes in annual schedules can change the amount reported each year, even if the amount per distribution doesn’t change.

For example, if a person receives distributions every two weeks, they should theoretically get the same amount of money each year. But what if it’s a leap year? This can throw off the entire schedule, resulting in one more or one fewer payment for that calendar year. Small changes like this can affect total distribution amounts each year.


Software from AMS is Thoughtful


In some cases, the money amount reported on a 1099-R may not change from one year to the next. However, you can never be sure this is the case. In preventing this amount from transferring to a new 1099-R, we decided to make users conscious of how much these amounts can change. Rather than automatically filling in the field with last year’s numbers, you’ll have to check for this year. In addition to using a W-2/1099 Forms Filer, this is the best way to maintain accuracy.

Software Solutions from AMS

Our W2 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.