Reporting a Non-Qualified Annuity…

Use the 1099-R form to file and report a non-qualified annuity. The 1099-R form will report the federal income tax withheld from the previous year’s distributions, the gross distributions, and taxable amount. The 1099-R form is not required if there were no distributions made, according to John Hancock Annuities.

If the 1099-R form is not received from the plan custodian by February 10, contact the IRS. Report the distributions to employees with non-qualified deferred compensation plans on the W2 and not with a 1099-R form. Use the 1099-R for non-employee distributions. Those participating in a beneficiaries of deceased plan must use form 1099-MISC. The IRS will calculate the taxable part of annuities for those who send a letter of request, their 1099-R form, completed tax information sheet, and any corresponding documents that show distributions, annuity rates, and annuity options.