Tax Planning Topics
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If you’ve started taking distributions from your retirement account, you will soon receive a new form that will play a crucial role as you file your 2017 taxes. A 1099-R form is issued for all IRA distributions that are made payable to an IRA or Roth IRA account owner or beneficiary and for all IRA distributions that go to a Roth IRA account, as well as all employer plan distributions.
A copy of this form is sent to the IRS in February before you file your tax return, so it is crucial that it accurately records the amount of income you received in order to avoid any unnecessary taxes and penalties.
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