February 3, 2017

Guide to IRS Form 1099-R

Guide to IRS Form 1099-R

Have you started taking income from your retirement savings? Whether for planned income, an early distribution, or the required minimum distribution, you will receive a 1099-R to report this income on your 2016 tax return before long.

A copy of this form is also provided to the IRS, so it is essential that it accurately records the amount of income you received in order to avoid any unnecessary taxes and penalties—including the limitations on once-per-year rollovers introduced in 2015.

The error rate on the 1099-R form is more than 50%, according to one government report.

Don’t let a reporting mistake cost you money!  Review the 1099-R Guide for 2016.

Have questions about your retirement income or ways to be more tax and fee efficient? We are here to help! Give us a call at 703-466-0477 to schedule a time to discuss your questions further.

Securities offered through Triad Advisors, Inc. LLC. Member FINRA/SIPC.

The information provided for informational purposes only, and does not constitute an offer, solicitation, or recommendation to sell or an offer to buy securities, investment products or investment advisory services. All information, views, opinions, and estimates are subject to change or correction without notice. Nothing contained herein constitutes financial, legal, tax, or other advice. These opinions may not fit to your financial status, risk and return preferences.

Securities offered through Triad Advisors, LLC, Member FINRA / SIPC 

Investment advisory services offered through AMJ Financial Wealth Management LLC

AMJ Financial Wealth Management LLC is not affiliated with Triad Advisors, LLC