[13384]
April 6, 2001
TO: PENSION COMMITTEE No. 21-01
PENSION OPERATIONS ADVISORY COMMITTEE No. 29-01
RE: IRS RELEASES 2001 INSTRUCTIONS FOR FORMS 1099-R AND 5498
The Internal Revenue Service recently released the 2001 Instructions for Forms 1099-R
and 5498. Changes to Form 1009-R include the following:
• Code N “Recharacterized IRA contribution made for 2001” was added. Use code N
for an IRA contribution that was made for 2001 and was recharacterized in 2001.
• Code R, “Recharacterized IRA contribution made for 2000” was changed. Use Code
R for an IRA contribution that was made for 2000 and was recharacterized in 2001.
• Code J, “Early distribution from a Roth IRA, no known exception” was changed.
Use Code J for an early distribution from a Roth IRA when no known exception
applies and the recipient is under age 59 ½.
• Code T “Roth IRA distribution, exception applies,” was added for reporting a
distribution from a Roth IRA when the recipient is either age 59 ½ or over or an
exception applies.
2001 Form 5498 includes the following change:
• Recharacterized contributions will no longer be reported in box 2, “Rollover
contributions.” Instead, the Service added box 4, “Recharacterized contributions.”
The “Rechar.” checkbox was removed from box 6 and boxes 4 through 10 were
renumbered.
A copy of the instructions is attached.
Kathryn A. Ricard
Associate Counsel
Attachment
Attachment (in .pdf format)
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