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Retirement matters Blog

Tax Season and Your 1099-R Form
PBGC Public Affairs
Friday February 24, 2017

If you receive a benefit from PBGC, we report the amount annually to the IRS and we'll send you a Form 1099-R. The 1099-R is designed specifically for people receiving benefit payments from pensions, annuities, retirement or profit-sharing plans, IRAs, and other similar accounts. Keep in mind that if 2016 was the first year PBGC took responsibility for your pension plan's payments, you may receive two Form 1099-Rs: one from the prior plan administrator for the payments they issued, and one from PBGC for the payments we made.

This year, PBGC mailed Form 1099-Rs to participants in January. If you would like an electronic version, your 1099-R is now available in MyPBA. MyPBA is our online tool that lets you view or change your tax withholdings along with a number of other benefit transactions. If you haven't used MyPBA recently, we encourage you to log in before you plan to do your taxes to ensure your account is active. 

While PBGC is required to withhold federal income tax, we do not withhold state taxes. If your state has an income tax, you may owe tax on your PBGC benefit. To find out more, contact your state tax office

We also want to remind you that you might be eligible for a Health Coverage Tax Credit. HCTC is an IRS tax credit, extended until the end of 2019, for health care insurance premiums, which may apply to certain individuals ages 55 to 65 and receiving benefits from PBGC. For assistance on how to claim your HCTC, visit the IRS page at Health Coverage Tax Credit. The IRS also has a toll-free number for assistance on HCTC at (844) 853-7210.

If you have not received your Form 1099-R by Feb. 10, you can download it by logging on to MyPBA, or you may call our Customer Contact Center for assistance at (800) 400-7242. For TTY/ASCII (American Standard Code for Information Interchange) users, call the federal relay service toll-free at (800) 877-8339 and ask to be connected to the number above.

Please have your Social Security number, plan name and case number ready for the customer service representative.

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