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What is IRS Form 1099-R?

Form 1099-R is an Internal Revenue Service information report used to payers to report distributions from annuities, IRAs, profit sharing plans, insurance contracts, retirement plans, and pensions to recipients.  Form 1099-R also shows capital gains that are related to these distributions, and it shows any insurance premiums or contributions made to the plan by the plan holder.  Any distribution exceeding $10 is required to be reported by payers on Form 1099-R.  A separate 1099-R form should be prepared for each type of benefit in which a payment was received, and for each recipient of a benefit.  The type of benefit is noted in Box 7 of Form 1099-R.

Form 1099-R is used by the IRS to track these payments to recipients and match income data from the payer and payment recipient.  The 1099-R form may be used by the payment recipient to help complete his or her own tax return, or be sent to a tax preparer for assistance with the preparation.  Form 1099-R should be sent to the payment recipient by January 31 of the year following the calendar year that the payments were sent.  It is due to the IRS along with Form 1096 by February 28.  Instead of paper filing, you can file electronically and have an additional month of time taking the due date to the end of March.  You can also file for a 30-day extension giving you until the end of April to file electronically. Along with the payment recipient, the IRS and the state tax or revenue departments should receive a copy of the completed 1099-R form.

1099-R software at the site 1099fire.com makes it easy to import, print and/or efile IRS Form 1099-R quickly and easily. File unlimited 1099-R’s electronically with the IRS. 1099FIRE software creates files in the format required by the IRS for electronic transmission. The system is updated each year to reflect the format changes that are made by the IRS. 1099FIRE is the only company to offer OneTouch E-Filing. Just click a button and the software will automatically log in and upload your file to the IRS FIRE system. You will receive verification within seconds of receipt of your file.

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Erich J. Ruth

Erich J. Ruth provides technical support for National Software which is the parent company for 1099FIRE. 1099FIRE develops and markets a comprehensive range of products that enables any size of business or institution to effectively manage and comply with year-end filing requirements. 1099FIRE is an employee-owned company located in Phoenix, Arizona.

If you have any questions or comments about our software, feel free to contact us at any time.

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