Your benefit from PBGC may be taxable depending on your individual circumstances. We will provide a Form 1099-R with instructions to assist you with your taxes.
Form 1099-R also serves as proof of PBGC payee status for the Health Coverage Tax Credit (HCTC). HCTC is an IRS tax credit for 72.5 percent of health care insurance premiums, which may apply to certain individuals who are 55–65 years of age and are receiving benefits from PBGC.
How will I get my 2018 Form 1099-R?
- Your Form 1099-R will be mailed to you through the US Postal Service by January 31, 2019.
Beginning February 4, 2019, you also have the option to retrieve your 2018 Form 1099-R through MyPBA. Select the “Your Tax Forms” link on the right-hand side of the My Plan page. More information about the MyPBA online service is available on PBGC.gov:
- Online Pension Transactions with MyPBA: FAQs about setting up a MyPBA Account
- Online Transactions are Easy with MyPBA: FAQs about the different services and transactions available with MyPBA
- MyPBA Online Tutorials: Online tutorials that walk you through MyPBA transactions, step by step
MyPBA is PBGC’s secure online service that lets you perform certain common transactions with us. To ensure your account is active we encourage you to log in before you plan to do your taxes.
If you have not received your Form 1099-R by February 7, 2019, please call PBGC’s Customer Contact Center for assistance, 1-800-400-7242. (TTY/ASCII: 1-800-877-8339, ask to be connected to 800-400-7242.) To serve you best, please have your plan's name or number ready when you call. The plan number can be found in the upper right corner of correspondence from us.
More information about your Form 1099-R is available on PBGC’s webpage IRS Form 1099-R Frequently Asked Questions.
IRS Form 1099-R Resources
State Income Taxes
While PBGC is required to withhold federal income tax in certain situations, we do not withhold state taxes. If your state has an income tax, your PBGC benefit may be taxable. Contact your state tax office for more information.