The Form 1099-R is an Internal Revenue Service (IRS) tax form for reporting distributions from pensions.
Your benefit from PBGC may be taxable depending on your individual circumstances. We will provide a Form 1099-R with instructions to assist you with your taxes.
Form 1099-R also serves as proof of PBGC payee status for the Health Coverage Tax Credit (HCTC). HCTC is an IRS tax credit for 72.5 percent of health care insurance premiums, which may apply to certain individuals who are 55–65 years of age and are receiving benefits from PBGC. Note: The HCTC has been extended for months beginning after December 31, 2019 through December 31, 2020.
How will I get my 2019 Form 1099-R?
- Your Form 1099-R for benefits paid by PBGC will be mailed to you through the US Postal Service by January 31, 2020.
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Beginning February 3, 2020, you also have the option to retrieve your 2019 Form 1099-R through MyPBA. Select the “Your Tax Forms” link on the right-hand side of the My Plan page. More information about the MyPBA online service is available on PBGC.gov:
- Online Pension Transactions with MyPBA: FAQs about setting up a MyPBA Account
- Online Transactions are Easy with MyPBA: FAQs about the different services and transactions available with MyPBA
- MyPBA Online Tutorials: Online tutorials that walk you through MyPBA transactions, step by step
MyPBA is PBGC’s secure online service that lets you perform certain common transactions with us. To ensure your account is active we encourage you to log in before you plan to do your taxes.
During the first year that PBGC pays pension benefits from your plan, you may receive two Forms 1099-R, one for payments issued by the former plan administrator, the other for payments issued by PBGC.
If you have not received your Form 1099-R for payments issued by PBGC by February 7, 2020, please call PBGC’s Customer Contact Center for assistance, 1-800-400-7242.(TTY/ASCII: 1-800-877-8339, ask to be connected to 800-400-7242.) For our best service, please have your plan's name or number ready when you call. The plan number can be found in the upper right corner of correspondence from us.
If you have not received your Form 1099-R for payments issued by your prior plan administrator, you will need to contact them directly.
More information about your Form 1099-R is available on PBGC’s webpage IRS Form 1099-R Frequently Asked Questions.
IRS Form 1099-R Resources
State Income Taxes
While PBGC is required to withhold federal income tax in certain situations, we do not withhold state taxes. If your state has an income tax, your PBGC benefit may be taxable. Contact your state tax office for more information.
