This article was updated for Tax Year 2023, last edited on December 18th, 2023.
A Form 1099-R is issued when you have a distribution of $10 or more from a retirement plan. You don’t have to be officially “retired” to receive a 1099-R. For instance, if you withdraw money from your retirement account to pay off debt, you’d receive a 1099-R that you would then need to report on your tax return.
1099-R forms can be confusing because retirement accounts have special rules for taxation depending on your age, the circumstances surrounding the money you took out of your retirement account, and if you’ve paid the money back or not. Information about what each of the boxes on your Form 1099-R mean can be found here.
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