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IRS Income Tax Form 1099-R

IRS Income Tax Form 1099-R

 

Your IRS Form 1099-R, for benefits paid by PBGC, will be mailed to you through the U.S. Postal Service on February 1, 2021. Please allow until up to February 15 for delivery.

The Form 1099-R is an Internal Revenue Service (IRS) tax form for reporting distributions from pensions.

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. Note: The HCTC has been extended and now expires December 31, 2021.

Beginning February 2, 2021, you also have the option to retrieve your 2020 Form 1099-R through MyPBA. Select the “Your Tax Forms” link on the right-hand side of the My Plan page. Visit Online Pension Transactions with MyPBA to learn more about MyPBA.

During the first year that PBGC pays pension benefits from your plan, you may receive two Forms 1099-R, one for payments issued by the former plan administrator, the other for payments issued by PBGC.

If you have not received your Form 1099-R for payments issued by your prior plan administrator, you will need to contact them directly.

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.

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Last updated February 10, 2021