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The Teachers’ Retirement System Board of Trustees is accepting applications for the position of Executive Director. For more information on this position including how to apply, click here.

 

We are pleased to announce that our office has moved to a new location. Our new address is: 301 NW 63rd Street, Suite 500 Oklahoma City, OK 73116-7921

 

Important Notice Regarding Covid-19 - To ensure the safety and protection of our members, as well as our staff, the Teachers’ Retirement System of Oklahoma is suspending all in-house appointments and consultations at this time. This is effective March 17, 2020 until further notice. The Drop Box for submitting documents located on the west side of the Will Rogers Building by the State Capitol building is no longer for TRS use. Please mail documents, or for urgent situations, you can drop off documents at the TRS office. Please note we are still not open for in-person meetings.

IRS Form 1099-R Frequently Asked Questions

A: IRS Form 1099-R is an annual statement of disbursements and applicable taxes withheld by a retirement plan. Each year, TRS sends a 1099-R to all retired members who received benefits in the previous calendar year. Any active members who took a distribution of their employee contributions after they left employment with a participating employer will receive a 1099-R, as well as beneficiaries of active or retired members if they received some form of survivor benefit.

A: Forms will be mailed no later than January 31st of the current year. Please allow for normal delivery time. If you have not received your Form 1099-R by February 15th, contact TRS using contact information below.

A: If your 2020 1099-R reflects a higher Gross Distribution than your 2019 1099-R, it may be because you received a COLA (Cost of Living Adjustment) in 2020, and if you did, your 2020 1099-R will reflect the increase in monthly benefit.

A: Yes. 1099-Rs will be accessible through the MyOTRS Client Portal. They should be available by February 1st. If you have not registered for access to the portal, please complete the registration at the link below. Please allow 10-15 business days for your PIN number to arrive in the mail that will allow you to complete the registration process. You may contact TRS if you have questions about the portal using the contact information below. https://myotrs.trs.ok.gov/ We may be contacted by the following methods:

E-Mail: mail@trs.ok.gov     Fax: (405) 522-2521     Phone: (877)738-6365 or (405)521-2387

A: There were after-tax dollars in the retirement account. This occurs if after-tax retirement contributions were made or after-tax money was used as payment for a service purchase, redeposit or other billing, etc. This reduces the taxable portion of the total amount, thus accounting for the difference in the two amounts.

A: The amount of federal income tax withheld is located in Box 4, and the state tax withheld is found in Box 12.

A: The amounts of federal and state income taxes withheld are based on the instructions you provided to TRS. If you instructed TRS to use the IRS and Oklahoma tax withholding tables to calculate your withholdings, and your benefit is less than the minimum amount required to have taxes withheld (based on filing status, exemptions and subtractions), then little or no taxes were withheld during the year. *** TRS does not provide tax advice regarding the amounts to be withheld *** Your withholding elections can be changed by completing and returning the form at the following website https://www.ok.gov/TRS/documents/Form4-Tax-Withholding.pdf, or by contacting TRS and requesting that we mail you the form. Tax Withholdings forms can be returned by mail to:

Mail:  Teachers' Retirement System of Oklahoma
          P.O. Box 53524
          Oklahoma City, OK 73152-3524

A: The amount deposited into your account is a net amount after subtracting things withheld from your benefit payments like taxes, insurance, levies, garnishments, membership dues, etc.

Box 1 Box 1 Gross Distribution = total amount paid
Box 2a Box 2 Taxable Amount = funds that are subject to taxes
Box 4 Box 4 Fed. Income Tax Withheld = federal taxes withheld from the distribution and paid to the IRS
Box 5 Box 5 Employee contributions = funds that have already been taxed and will not be taxed again.
Box 7

Box 7 Distrib. Code = Code used when filing taxes.

1 — Early distribution, no known exception (in most cases a withdrawal, under age 59½).
2 — Early distribution, exception applies (under age 59½).
3 — Disability.
4 — Death.
4G — Death, Direct Rollover
7 — Normal distribution.
G — Direct Rollover

Box 12 State Income Tax withheld = Oklahoma state taxes withheld from the distribution and paid to the OK Tax Commission Insurance Premiums Amount of insurance premiums withheld
Box 13 State/Payer's state number

A: Please see Box 13 on Form-1099R. The “PAYER” on the 1099 form is the Teachers’ Retirement System of Oklahoma since TRS “pays” the benefit to the “recipient”. A PAYER must have a federal ID number on the 1099. Some people refer to it as a “State ID Number” but this federal ID number is only used for federal tax purposes and other limited purposes. So the “State ID number” for 1099 purposes is really the TRS Federal ID Number. The TRS Federal ID Number is 73- 6028563.

A: Please do not discard any tax form you receive as you may have received a payment, other than a normal retirement, that required a different distribution code. Some of the reasons why you may have been issued two or more 1099-R forms are:

   • You may have reached the age of 59½* at some point during the year. *One 1099-R you receive will have Code 2(early distribution, with exceptions) in box 7 for the portion of the year’s benefits prior to turning 59½ and another 1099-R will have Code 7 (normal distribution) in box 7 for the portion of the year after turning 59½.

  • You may have received a distribution as a beneficiary

  • You may have taken a distribution from your own account

You should be able to determine from the amounts, or by the distribution code listed in box 7, which 1099-R is for which distribution. If you still have questions, contact TRS.

A: If you had medical insurance premiums withheld from your TRS benefits, that amount will be clearly marked in the “Insurance Premiums” box on your 1099.

13. How do I get a duplicate copy of my 1099-R? (OR) how do I get a copy of my 1099-R if I did not receive it?

A: You may request a duplicate Form 1099-R in writing, via fax or United States Postal Service. Your current mailing address must match our records before a 1099-R will be mailed to you. All requests must include your name, Social Security number, tax year requested, mailing address, daytime telephone number, and signature. Please allow 10-15 business days to receive your 1099-R. In addition, duplicates can be obtained through the Client Portal called MyOTRS. Instructions for getting access to the Portal are in a prior Question near the beginning of this FAQ document.

We may be contacted by the following methods:

Phone: (877)738-6365 or (405)521-2387 or Fax: (405) 522-2521

Mail: Teachers' Retirement System of Oklahoma
          P.O. Box 53524
          Oklahoma City, OK 73152-3524

Has your address changed? If it has, we require an updated address change form which can be located on the TRS website under the “Forms” tab at https://www.ok.gov/TRS/Forms and complete the appropriate Form 1A for Active Members or Form 1R for Retired Members.

Sample 1099-R

The IRS’ 1099-R website may be referenced as well:https://www.irs.gov/pub/irs-pdf/f1099r.pdf


Box 1: Shows the total amount you received this year.
Box 4: Shows federal income tax withheld.
Box 5: Generally, this shows the employee’s investment in the contract (after-tax contributions). (Employee’s after tax contributions – made while you were employed. i.e. (if you made after-tax retirement contributions, used after-tax money as payment for a service purchase, redeposit or other billing, etc.)

Box 7. The following codes identify the distribution you received*:

  1 — Early distribution, no known exception (in most cases a withdrawal, under age 59½).
  2 — Early distribution, exception applies (under age 59½).
  3 — Disability.
  4 — Death.
  4G — Death, Direct Rollover
  7 — Normal distribution.
  G — Direct Rollover

  *See the back side of copy "C" of your 1099-R form for further explanation of distribution codes

Box 12 on TRS 1099-R: State Income Tax Withheld

Insurance Premiums: Insurance premiums withheld from retirement benefit checks for the calendar year.

Last Modified on Jan 18, 2021