1099-R FAQ
What is a 1099-R?
IRS Form 1099-R is an annual statement of disbursements and applicable taxes withheld by a retirement plan. Each year, the Teachers' Retirement System of Oklahoma (TRS) sends a 1099-R to any person who has received payments from TRS in the previous calendar year, including but not limited to: retired members or joint annuitants who received retirement benefits, members who took a distribution of their employee contributions after they left employment with a participating employer, and beneficiaries of active or retired members who received some form of survivor benefit.
What is the fastest and most secure way to receive my 1099-R?
Log in to MyTRS today and elect to receive an electronic copy of your 1099-R as soon as it is available. Don’t risk having your tax information lost in the mail or returned to TRS undeliverable.
How do I receive my 1099-R electronically?
If I consent to electronic delivery, when will I receive my 1099-R?
You will receive an email notification each year as soon as 1099-Rs are available, no later than January 31st. If you have not elected to receive your 1099-R electronically, log in to MyTRS today to enroll.
If I do not consent to electronic delivery, when will I receive my 1099-R?
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, please log in to MyTRS, enroll in electronic delivery, and save or print a copy of your 1099-R or see “How do I get a duplicate copy of my 1099-R?” below.
Why is the taxable amount (Box 2a) less than the gross distribution (Box 1)?
There were after-tax dollars in the retirement account. This occurs if after-tax retirement contributions were made while employed 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.
Where do I find the amount withheld for federal and state taxes?
The amount of federal income tax withheld is located in Box 4, and the state tax withheld is found in Box 14.
Why were there little or no taxes withheld?
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 at any time in MyTRS or by mailing IRS Form W-4P and Form OK-W-4-P.
Forms can be returned by mail to:
Teachers' Retirement System of Oklahoma
P.O. Box 53524
Oklahoma City, OK 73152-3524
Why does the amount in Box 1 (Gross distribution) not match the total deposited into my account?
The amount deposited into your account is a net amount after subtracting things withheld from your benefit payments, like taxes, insurance, levies, garnishments, member dues, etc.
What is the State ID number for TRS?
Please see Box 15 on Form 1099-R. The “PAYER” on the 1099-R form is the Teachers’ Retirement System of Oklahoma (TRS) since TRS “pays” the benefit to the “recipient”. A PAYER must have a federal ID number on the 1099-R. 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-R purposes is really the TRS Federal ID Number. The TRS Federal ID Number is 73-6028563.
Why did I receive multiple 1099-Rs from TRS?
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 7a for the portion of the year’s benefits prior to turning 59½ and another 1099-R will have Code 7 (normal distribution) in Box 7a for the portion of the year after turning 59½.
You may have received a distribution as a beneficiary and/or joint annuitant
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 7a, which 1099-R is for which distribution. If you still have questions, contact TRS.
How do I determine how much was withheld from my retirement for medical insurance premiums?
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-R.
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?
Please log in to MyTRS, enroll in electronic delivery, and save or print a copy of your 1099-R.
You may also request a duplicate Form 1099-R in writing. 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.
Mail your written request to:
Teachers' Retirement System of Oklahoma
P.O. Box 53524
Oklahoma City, OK 73152-3524
Has your address changed? Addresses may be updated in MyTRS by simply going to My Information or you may complete and submit an updated Personal Data Form.
We provide the following for informational purposes only and advise the recipient to please see the back of the Form 1099-R or IRS website for further information regarding each of the boxes and to consult a tax professional for more information regarding taxes.
http://www.irs.gov/pub/irs-pdf/f1099r.pdf
Box 1: Gross Distribution = total amount paid
Box 2a: Taxable amount = funds that are generally subject to taxes
Box 4: Federal Income Tax Withheld = federal taxes withheld from the distribution and paid to the IRS
Box 5: Employee Contributions = funds that have already been taxed and will not be taxed again
(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 7a. 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
*For more details on distribution codes, please refer to the back side of your 1099-R form copy.
Box 14: State Income Tax Withheld = state taxes withheld from the distribution and paid to the OTC
Box 15: State/Payers’ state tax number
Insurance Premiums: Amount of insurance premiums withheld
