1099-R FAQ
Q: What is a 1099-R?
A: 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 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.
Q: When are 1099-R forms mailed? (OR) When will I get my 1099-R?
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.
Q: Are 1099-Rs available on the Member Portal?
A: Yes. 1099-Rs will be accessible through the MyTRS Member 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. You may contact TRS if you have questions about the portal using the contact information below.
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
Q: Why is the taxable amount (Box 2a) less than the gross distribution (Box 1)?
A: 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.
Q: Where do I find the amount withheld for federal and state taxes?
A: The amount of federal income tax withheld is located in Box 4, and the state tax withheld is found in Box 14.
Q: Why was there little or no taxes withheld?
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 through the MyTRS Member Portal. Instructions for getting access to the Portal are in a prior Question near the beginning of this FAQ document. Your elections can also be changed by completing and returning the form at the following website, or by contacting TRS and requesting that we mail you a “Tax Withholdings” form.
https://oklahoma.gov/content/dam/ok/en/trs/documents/form4-tax-withholding.pdf
Tax Withholdings forms can be returned by mail to:
Mail: Teachers' Retirement System of Oklahoma
P.O. Box 53524
Oklahoma City, OK 73152-3524
Q: Why does the amount in Box 1 (Gross distribution) not match the total deposited into my account?
A: 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.
Q: What do the different boxes on the 1099-R represent?
Sample 1099-R
The IRS’ 1099-R website may be referenced as well:
http://www.irs.gov/pub/irs-pdf/f1099r.pdf
Box 1: Shows the total amount you received this year.
Box 2a: This part of the distribution is generally taxable.
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 14: State Income Tax Withheld
Insurance Premiums: Insurance premiums withheld from retirement benefit checks for the calendar year.
