Do I Need a 1099 From My 401(k)?

Tax season comes with plenty of questions, and one of the most frequently asked is: “Do I need a 1099 from my 401(k)?” This common question often comes down to whether you took money out of your account. 

Let’s break it down in a simple way!

What Is a 1099 Form?

A 1099 form is a tax document that reports money you received that wasn’t from a regular paycheck. The IRS uses it to track your income.

For 401(k) plans, the most common type of 1099 is the 1099-R.

You can learn more about this form directly from the IRS website.

When Do You Get a 1099-R for Your 401(k)?

You will only get a 1099-R if you took money out of your 401(k). Here are some examples:

You WILL Get a 1099-R If You:

• Retired and withdrew money from your 401(k)
• Took an early withdrawal (before age 59½)
• Rolled over money to another account (sometimes taxable, sometimes not)
• Had to take a Required Minimum Distribution (RMD) (if you’re 73 or older)
• Didn’t pay back a 401(k) loan (it might count as income)

You Will NOT Get a 1099-R If You:

• Did NOT take any money out of your 401(k)
• Only contributed money to your 401(k)
• Left your 401(k) account alone for the year

What If You Think You Should Have a 1099-R But Didn’t Get One?

If you took money out of your 401(k) but haven’t received a 1099-R, here’s what to do:

• Check your mail – The form is usually sent by the end of January.
• Look online – Your 401(k) provider may have it available in your account.
• Call your plan administrator or recordkeeper – They can resend it if needed.

Do I need a 1099 for my 401(k)?

• You only get a 1099-R if you took money out of your 401(k).
• If you didn’t withdraw anything, you won’t receive one.
• If you get a 1099-R, make sure to report it on your taxes.
• If you’re missing a 1099-R, check online or call your plan provider.

Understanding your 401(k) and taxes can help you avoid surprises and plan more strategically for the future! 

DISCLAIMER:

The information provided by our firm is for educational and informational purposes only and should not be considered tax, legal, or accounting advice. While we strive to provide accurate and up-to-date insights regarding retirement planning strategies, we do not provide tax advice. We strongly recommend consulting with a qualified tax professional regarding your specific situation before making any financial decisions.