Your benefit from PBGC may be taxable depending on your individual circumstances. We will provide a 1099-R form 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 to get your Form 1099-R for PBGC benefits paid in 2017:
- Your Form 1099-R for PBGC benefits paid in 2017 will be mailed to you by January 31, 2018.
- Your Form 1099-R will be available on MyPBA beginning February 1, 2018.
MyPBA is PBGC’s secure online service that lets you perform certain common transactions with us. If you haven't used MyPBA in a while, 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 1099-R by February 7, 2018, please call our Customer Contact Center for assistance, 800-400-7242. (TTY/ASCII: 800-877-8339, ask to be connected to 800-400-7242.) Please have your Social Security number ready for the customer service representative.
More information about your Form 1099-R is available on PBGC’s webpage IRS Form 1099-R Frequently Asked Questions.
IRS Form 1099-R Resouces
State Income 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.