2011 1099-R and 5498 Forms
The attached files are samples of the 2010 E-File Magic Version of the 1099-R and 5498 forms. These forms are used by both the corporate efile service E-File Magic software and our processing bureau when preparing your data for mailing.
Excerpt: Section references are to the Internal Revenue Code unless otherwise noted.
Specific Instructions for Form 1099-R.
File Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Isurance Contracts, etc., for each person to whom you have made a designated distribution or are treated as having made a distribution of $10 or more from profit-sharing or retirement plans, any individual retirement arrangements (IRAs), annuities, pensions, insurance contracts, survivor income benefit plans, permanent and total disability payments under life insurance contracts, charitable gift annuities, etc.
Also, report on Form 1099-R death benefit payments made by employers that are not made as part of a pension, profit-sharing, or retirement plan. See Box 1 on page 8.
Reportable disability payments made from a retirement plan must be reported on Form 1099-R.
Generally, do not report payments subject to withholding of social security and Medicare taxes on this form. Report such payments on Form W-2, Wage and Tax Statement.
Generally, do not report amounts totally exampt from tax, such as workers' compensation and Department of Verterans Affairs (VA) payments. However, if part of the distribution is taxable and part is nontaxable, report the entire distribution.
Specific Instructions for Form 5498.
File Form 5498, IRA Contribution Information, with the IRS by May 31, 2012, for each person for whom in 2011 you maintained any individual retirement arrangement (IRA), including a deemed IRA under section 408(q).
An IRA includes all investments under one IRA Plan. It is not necessary to file a Form 5498 for each investment under one plan. For example, if a participant has three certificates of deposit (CDs) under one IRA plan, only on Form 5498 is required for all contributions and the fair market values (FMVs) of the CDs under the plan. However, if a participant has established more than one IRA plan with the same trustee, a separate Form 5498 must be filed for each plan."
|2011 Form 5498.pdf||329.75 KB|
|2011 Form 1099-R.pdf||382.67 KB|