General Question

diavolobella's avatar

How long to wait for a 1099 Form?

Asked by diavolobella (7917 points ) February 6th, 2013

In 2012, I took an early withdrawal from my 401(k) and opted to pay the taxes at the time of withdrawal. I understood I was supposed to receive the Form 1099 from the financial institution managing the 401(k) by January 31, but I have not received it. I’m ready to file my taxes. How long do I have to give them to cough it up?

Also, since I paid the taxes up front, it shouldn’t affect my refund amount, should it?

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13 Answers

marinelife's avatar

Call them and ask for a copy.

diavolobella's avatar

I did and they gave me the runaround. I still want to know when they are required to have sent it and also opinions on the 2nd half of my question, but thanks.

picante's avatar

I believe the IRS-mandated postmark deadline for investment income is February 15. I’m afraid I can’t answer the second part of your question.

SadieMartinPaul's avatar

You’re looking for a Form 1099-R, which the plan administration was required to deliver to you by January 31st. If mailed, the postmark date is the delivery date. Thus, January 31st is the date when the form had to have been distributed to you, not the date when you should have received it.

@picante This isn’t a Form 1099-INT, Form 1099-DIV, Form 1099-B, etc. @diavolobella is asking about a qualified plan distribution, not about investment income.

JLeslie's avatar

I would wait until the 10th and then call again if you have not received it. Are you sure you can’t get the info online possibly?

As far as taxes, I would think the taxes in the end also have to do with your overall income, so probably the taxes you paid were an estimate. Which means you may have over or underpaid the amount. I don’t know this for sure, I am just guessing based on my limited knowledge that 401k money is usually sheltered so when you do pull the money out it is at your lower current rate when you are older and not working.

WestRiverrat's avatar

If you still have not received it by Feb 15, and they won’t send you a replacement 1099-R, call your local IRS office or visit their web site and ask what steps to take.

A company that will blow you off, will not blow off the IRS official that asks why you didn’t get this.

zenvelo's avatar

The early withdrawal is added to your gross income, and the taxes withheld are added to your total withholding (excluding any penalty). So your total is the income before deductions used to determine your income and your eventual total taxes. That number may be greater or lesser than your total withheld, the difference will be your refund or amount you owe.

The problem with withdrawals from 401ks is that the recommended withholding is usually at a low rate but since the withdrawal amount is added to your income it gets taxed at your highest marginal rate.

diavolobella's avatar

@SadieMartinPaul Exactly. A 1099-R and I did mean to say they had to send it by the 31st, not that I had to receive it. I can’t get a copy online because it is a former employer’s 401(k) not my personal plan. When you call, their recording says if you haven’t gotten it by the 15th, to call back and they will send another. Well, if I haven’t gotten it by then, then I doubt they mailed it by the 31st. That seems too long to have to wait

JLeslie's avatar

@diavolobella You can probably roll the account over to another institution if you are unhappy with their service.

diavolobella's avatar

@JLeslie I already did. It was rolled over to my current employer’s plan.

JLeslie's avatar

@diavolobella Just to make sure I understand, did you actually withdraw money from the account? Or, you just rolled it over?

diavolobella's avatar

@JLeslie I withdrew some funds from it. Not all the funds, just a portion. Then rolled over the balance to my new job when I quit.

JLeslie's avatar

Got it.

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