2010 Forms 1099-R and 5498 Instructions
The attached PDF file contains the IRS instructions for filing 2010 Forms 1099-R and 5498.
Excerpt: Section references are to the Internal Revenue Code unless otherwise noted.
Reporting IRA distributions. Generally, box 2a should be left blank when reporting distributions from traditional or SEP IRAs, unless otherwise instructed later in these instructions. Box 2b,"Taxable amount not determined" should be checked.
Corrective distributions. For plan years beginning after 2007, excess contributions and excess aggregate contributions plus earnings are taxable in the year distributed (except for designated Roth contributions). See Excess contributions and Excess aggregate contributions on page 5.
Distributions to beneficiaries. Distributions from a nonqualified deferred compensation (NQDC) plan to an estate or beneficiary of a deceased plan participant are no longer reported on Form 1099-R. They should be reported on Form 1099-MISC.
Reformatted form. Form 5498 has been enlarged and reformatted to two to a page instead of three to a page to provide additional boxes for reporting information formerly reported in the blank box next to box 10. Instructions have been added for new boxes 12a through 15b on page 16.
Federally declared disaster areas. The words "presidentially declared disaster areas" have been replaced with "federally declared disaster areas."
Military death gratuities and servicemembers' group life insurance (SGLI) payments. Recipients of military death gratuities and SGLI payments can contribute all or a portion of the amounts received to a Roth IRA. See Military death gratuities and servicemembers' group life insurance (SGLI) payments on page 14."
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