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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.

Timing of 2017 New Year's Holiday Will Have Impact on Pension Payments

Since Jan. 1, 2017 falls on a Sunday and Jan. 2, 2017 is an observed Federal holiday, participants will not receive a pension benefit by direct deposit until Jan. 3, 2017. Paper checks, mailed before the first of the month, should arrive by Jan. 10, 2017. If you have not received a check by this date, please call us at 1-800-400-7242 or visit our Contact Us page for other options.

Want to receive future payments more quickly? Direct Deposit is the most secure and fastest way to receive your payment, and your funds are always available on payday. Visit our Payments page for more information, or view the upcoming electronic direct deposit dates. To learn more or sign up for direct deposit, please visit MyPBA or call 1-800-400-7242.

Tips:

  • Did you know you may be eligible to receive a Health Coverage Tax Credit (HCTC) that can pay a portion of your health care premiums? Find out more information and sign up for updates at PBGC's HCTC webpage.
     
  • PBGC's blog Retirement Matters helps keep you up to date on how we're working to serve you, enhance retirement security, and preserve the pension insurance system. Sign up on the Retirement Matters webpage.

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.