BASKING RIDGE, NJ- Those who have started taking distributions from their retirement account should take notice that they will soon receive a new form that will play a crucial role as you file your 2017 taxes.
 
A 1099-R form is being issued for all IRA distributions that are made payable to an IRA or Roth IRA account owner or beneficiary and for all IRA distributions that go to a Roth IRA account, as well as all employer plan distributions.

A copy of this form is sent to the IRS in February before you file your tax return, so it is crucial that it accurately records the amount of income you received in order to avoid any unnecessary taxes and penalties.
 
 
Have questions? Give us a call at WFP Tax Partners at 877-71402362 or Click Below to schedule a time to discuss further.
 
 
 
Walter Pardo is Managing Partner of WFP TAX PARTNERS that  utilizes their exclusive team of CPA’s to provide tax planning, preparation and filing services to clients. Located 106 Allen Road, Suite 104, Basking Ridge, NJ and serving clients across the country. Member of National Association of Tax Professionals and a Ed Slott Master Elite IRA Advisor.