1099-R Frequently Asked Questions
- Why did I receive a 1099-R?
Form 1099-R is issued when a full or partial taxable (or deemed) distribution has been made from an annuity, IRA or other tax-advantaged retirement plan during the tax year.
Important: If you received a distribution made from the Hartford Annuity Settlement Fund in 2009, your distribution will be reported on a Form 1099-R. Learn more about The Hartford's annuity settlements and their tax reporting requirements >>
- Why didn't I receive a 1099-R?
Form 1099-R is not issued for:
- Custodial accounts. The tax reporting for a custodial account is the responsibility of the custodial owner.
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Distribution was for a non-qualified annuity return of principal
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IRA to IRA (SEP, SIMPLE or Roth) direct transfers
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Individual 403(b) to 403(b) direct transfers
Note: If you have a employer retirement plan (401(k), 401(a), 457, group 403(b), Keogh, HR-10, profit sharing, or defined benefit plan), see your plan's administrator for tax reporting information .
- Why was a Form 1099-R issued when I rolled the IRA funds into another IRA within 60 days?
If a check is made payable to an individual, we must issue a Form 1099-R. It is the individual’s responsibility to keep a paper trail of all transactions for the IRS. The new carrier should issue a Form 5498 reflecting the rollover amount received.
- I received a Form 1099-R as a result of an annuity death benefit. Why is this taxable?
The proceeds from a death benefit are taxable to the extent that the death benefit exceeds the tax cost basis.
- I had several distributions last year, and I also moved from Massachusetts to New York. Why did I receive two Form 1099Rs?
The Form 1099-R will reflect the resident state at the time of the withdrawal.
- Why would I receive two 1099-R forms when I was in the same state for the entire year?
If you turned 59½ during the year and took distributions prior to and on/after age 59½, you will be issued two 1099-R forms, each with a different distribution code in box 7 of the form. This is a requirement of the IRS.
- Why does the distribution code in box 7 of my 1099-R form show "premature"? It should be reported as a normal distribution.
The distribution code will indicate "premature" if the distribution was processed before you attained age 59½.
Note: It is our policy to always report on the primary contract owner. If a contract has joint owners and the primary owner is over age 59½, the distribution code would be "normal."
- Who should I contact if I have additional questions?
You may call one of our annuity specialists at 1-800-862-6668, Monday through Thursday from 8 a.m. to 7 p.m., Friday from 9:15 a.m. to 6 p.m., Eastern Time. You may also visit the The Hartford Annuity Settlement Fund web site.