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Why did I receive two 1099-R forms?
Multiple 1099-R forms are required if a payee receives more than one “type” of distribution as defined by the IRS regulations and if a payee received payments for more than one “Payee Type” (i.e. Retiree, DROP, Beneficiary, Survivor, ALT Payee). See below the IRS 1099-R Distribution codes which appear in Box 7 of the form 1099-R:
a) Age 59 ½ within the tax year: It is possible for you to receive two 1099-R forms in the year that you turn 59 ½. One will be coded distribution code “2” and the other code “7”.
Example: John Henry received twelve identical monthly checks from LASERS last year. He will receive two different 1099-R forms because within the year John turned 59 1/2. Up to that time he turns 59 1/2, his payments were classified as an early distribution code “2”per IRS rules. Once he reached age 59 1/2 his payments would be classified as a normal/regular distribution code “7”. Although the amount he received each month did not change, the “type” of benefit being paid did change from an early distribution to a normal retirement benefit because of his age. Next year, John will receive a single 1099-R covering all twelve months for a normal retirement benefit distribution code “7”.
b) Disability Retiree qualified for regular/normal retirement within the year:
It is possible for you to receive two 1099-R forms in the year that you change from a disability retiree to regular retirement. One will be coded distribution code “3” and the other code “7”. This only happens in the year that a disability retiree first qualifies and chooses to change to a normal/regular retirement.
Example: Sara Jane received twelve identical monthly checks from LASERS last year. She has received these checks since becoming eligible for a disability retirement three years ago. If at age 60 she chooses to change to regular retirement then she will receive two different 1099-R forms in XXXX. One with a distribution code ‘3’ in Box 7 for payments classified as disability benefits. The other 1099-R will cover payments for normal/regular retirement with a distribution code ‘7’ in Box 7. Although the amount she received each month did not change, the “type” of benefit being paid did change from a disability benefit to a normal/regular retirement benefit because of her age. Next year, Sara will receive a single 1099-R covering all twelve months for a normal/regular retirement distribution.
c) Deaths: Taxpayer/Payee who has passed away will receive a final 1099-R form on distributions made payable to them or to their estate during the year. Any survivor/beneficiary who received a distribution/payment during the year will also receive a 1099-R form under their own taxpayer identification number with a distribution code 4.
d) Rollover of Lump Sum funds (Refund, DROP, IBO, and Lump Sum Leave
Balance): Any money rolled over into a qualified plan such as a tax-sheltered annuity, a governmental 457(b) plan, or an IRA will generate a separate Form 1099-R from your service retirement Form 1099-R with a distribution code of “G”.
e) Lump Sum Leave Payments before the age of 55, code “1”: If you separated from employment before the year you turn 55 and you receive a lump sum leave payment before age 59 ½ you will receive two 1099-R forms. One will have a distribution code “1” for the lump sum leave payment and the other will have a distribution code “2” for your service retirement payments. Because lump sum leave payments are not part of a series of substantially equal payments as with your service retirement payments you will receive a distribution code “1”.
Is a separate 1099-R issued for a DROP/IBO distribution taken if the member is also receiving a service retirement distribution?
Yes
I was invoiced for benefit payments within the year and it is included on my 1099-R. Why is it included?
Because the invoice was not paid back in full.
Example: If you were invoiced for XXXX payments and those payments were paid back in full in XXXX (the same year), your gross amount would be reduced by the invoiced amount. If you were invoiced for XXXX payments and the invoices were not paid in full in XXXX, the gross amount will not be reduced by the invoiced amount.
Please see Form 1099-R Explanation of Boxes for further clarification on the boxes that appear on Form 1099-R.
To report an error or request a duplicate be mailed to you, please call LASERS at 225.922.0600 or 1.800.256.3000 and ask to speak to a representative in Member Services.
Should you have questions regarding your 1099-R, we suggest that you contact your tax advisor.
