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Get the free 1099-R tax form available online Jan. 24 - Washington State ... - sbctc

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Payroll/Personnel Management System W2 and 1099R YearEnd Processing for Tax Year 2015 SBCTCITD 3101 Northup Way, Suite 100 Bellevue, WA 980041449 Phone 425.803.9700 http://sbctc.edu/co allege/i index.aspx
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How to fill out 1099-r tax form available

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How to fill out 1099-R tax form:

01
Obtain the 1099-R form from the Internal Revenue Service (IRS) website or any other reliable source.
02
Provide your personal information, such as your name, address, and Social Security number, in the designated boxes on the form.
03
Enter the payer's information, including their name, address, and identification number in the appropriate sections.
04
Report the distribution details, which includes the gross distribution amount and the taxable amount in Box 1 and Box 2a respectively.
05
Determine the distribution code that corresponds to the reason for the distribution and enter it in Box 7 of the form.
06
Complete Box 9a if the distribution is for a traditional IRA, SEP, or SIMPLE.
07
If there are any federal income tax withheld from the distribution, report it in Box 4 of the form.
08
Attach Copy B of the 1099-R form to your federal income tax return when filing your taxes.
09
Retain Copy C for your records.
10
Double-check all the information you provided on the form before submitting.

Who needs the 1099-R tax form:

01
Individuals who received distributions from retirement plans or pensions during the tax year need to fill out the 1099-R tax form.
02
This form is also required for people who have taken a loan from their retirement accounts and did not repay it within the specified time frame.
03
If you received any disability payments from an insurance company that were previously paid into a retirement account, you would also need to report them on the 1099-R form.
04
Additionally, if you received any excess contributions from an IRA or other retirement plan and had to withdraw or remove them, you must use the 1099-R form to report these withdrawals to the IRS.
05
Financial institutions, insurance companies, trustees, and other payers who made distributions of $10 or more from retirement plans are responsible for issuing the 1099-R form to the recipients.
Note: It is always recommended to consult a tax professional or refer to the IRS guidelines for specific instructions on filling out the 1099-R tax form based on your individual circumstances.
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