IRS Releases 2019 Forms 1099-R and 5498 Reporting Instructions
The IRS recently released the 2019 Instructions for Forms 1099-R and 5498. These detailed instructions describe the reporting requirements for IRA and employer-sponsored retirement plan distributions, IRA contributions, rollovers, conversions, recharacterizations, and fair market values.
Release of the instructions followed the 2019 Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., and 2019 Form 5498, IRA Contribution Information, released in December 2018.
In addition to updating years, deadlines, figures, and guidance references, here are a few notable changes.
Information on how to report distributions and late rollovers (post 60-day rollovers) of retirement plan loan offset amounts that result from severance from employment or retirement plan termination
Information on how to report IRA payments to state unclaimed property funds (IRA escheatment) on Form 1099-R, applicable on or after January 1, 2019
A note that Forms 1099-R and 5498 can now be completed online to satisfy required reporting to recipients
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