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PBGC Blog: Retirement Matters

Tax Season and Your 1099-R Form

  |   February 24, 2017

Tax Season and Your 1099-R Form

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.

If you have not received your Form 1099-R, you can download it by logging on to MyPBA or by requesting a duplicate. For more information visit our Contact Us page.

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
Quick links:

Reminder about the Health Coverage Tax Credit

We also want to remind you that you might be eligible for the Health Coverage Tax Credit. HCTC is an IRS tax credit for health care insurance premiums. Certain individuals ages 55 to 65 and receiving benefits from PBGC are eligible. 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.

Saturday Hours

Starting February 25 through April 29, 2017, PBGC's Customer Contact Center will be open on Saturdays from 9 a.m. to 1 p.m. EST to meet high call volume and reduce wait times. The Customer Contact Center can be reached at (800) 400-7242.

During Saturday hours, customer service representatives will be able to perform these services only:

• Contact information change (such as address, telephone, or email)
• Payment destination change (such as start, stop, or change direct deposit)
• Request income verification letter
• Request reprint of 1099-R
• MyPBA password reset

For all other pension benefit related questions and inquiries you may mail your request to PBGC; Office of Benefits Administration; P.O. Box 151750; Alexandria, VA 22315-9923, email mypension@pbgc.gov, or fax us at 202-326-4047. PBGC will respond to your letter, email or fax within 5-10 business days.

Good news! You can now call the IRS's toll free number for assistance on how to claim your Health Coverage Tax Credit. Simply visit the IRS page at Health Coverage Tax Credit or dial the IRS HCTC line at 1-844-853-7210.

HCTC is an IRS tax credit for health insurance premiums that President Obama signed into law in 2015. This legislation extends the HCTC through the end of 2019.

This tax credit may apply to certain individuals who are ages 55-65 and receiving benefits from PBGC.

For 2017, individuals can enroll with IRS to receive advance monthly payments of their tax credit.

Got Questions?

With tax season quickly approaching, PBGC strives to provide individuals with current information on how to claim this tax credit.

Please check out the revised FAQs on PBGC's HCTC webpage. If you have questions regarding your PBGC pay status, or need proof of PBGC payee status, we can assist you at 1-800-400-7242.

Do you receive a benefit from PBGC? If so, all or a portion of your benefit may be taxable. Each year, we report this information to the IRS and send you an IRS Form 1099-R that details the amount you received the previous year.

We'll mail your 2014 Form 1099-R to your address on file by Monday, February 2, 2015. If you don't receive your form soon after February 2, 2015, you may request a duplicate. Here's how:

  • Use our online service, MyPBA, to view and print a copy of your 1099-R tax form for the most recent tax year.
  • Call PBGC's Customer Contact Center to request a form by mail. The number is 1-800-400-7242.

When calling, remember to have your customer ID (PDF) or Social Security number, plan name and case number to help expedite the request.  

While PBGC is required to withhold federal income tax, we do not withhold for 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.

For additional information, see our Frequently Asked Questions on IRS Form 1099-R.

By now, you have probably received your Form 1099-R from us.

As you arrange to have your income taxes prepared and filed, we would like to share some important information about PBGC benefits and taxes.

While PBGC is required to withhold federal income tax, we do not withhold for 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 (Excel file, 14.4 KB).

Also, if you receive a benefit from PBGC, we report the amount annually to the IRS.

For income tax purposes, each January PBGC sends you an IRS Form 1099-R that states the amount we paid you the previous year.

If you need a Form 1099-R for 2013 and haven't received it, PBGC will get you one.

The IRS has a tool, "Is My Pension or Annuity Payment Taxable?" that will help you determine if your pension or annuity payment from an employer-sponsored retirement plan is taxable.

If you receive a retirement benefit from PBGC, all or some of the money may be taxable. Every year, we report this amount to the IRS and send you an IRS Form 1099-R that states the amount we paid you the previous year. 

We'll mail your Form 1099-R for 2013 to your address of record by Friday, January 31, 2014. If you don't receive your form soon after the mailing date, we offer the following options:

  1. Use our online service, MyPBA, to view and print a copy of your 1099-R tax form for the most recent tax year.

OR

  1. Call PBGC's Customer Contact Center at 1-800-400-7242 to request a form by mail.

Before you call, please have your Social Security number, plan name and case number ready for the customer service representative.

For more information, see IRS Form 1099-R Frequently Asked Questions.