Memo #
21253

IRS Releases 2007 Forms 1099-R and 5498 and Instructions
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[21253]

 

June 14, 2007

TO: PENSION MEMBERS No. 32-07 RE: IRS RELEASES 2007 FORMS 1099-R AND 5498 AND INSTRUCTIONS

 

The Internal Revenue Service has released new Forms 1099-R and 5498 and Instructions for 2007. [1]  The new forms and Instructions include the following changes:

Form 1099-R

  • Certain qualified distributions. The Instructions indicate that no special reporting is required for qualified charitable distributions,[2] qualified HSA distributions, or payments of qualified health and long-term care insurance premiums for retired public safety officers.
  • Nonspouse designated beneficiaries. The Instructions reflect guidance in Notice 2007-7 on rollovers by nonspouse beneficiaries.[3]
  • Section 402(f) notice requirements. The Instructions reflect new timing requirements for providing the 402(f) notice.[4]

Form 5498

  • Special catch-up contributions. Instructions are provided for how to report special catch-up contributions permitted in certain bankruptcy cases under Code section 219(b)(5)(C) (added by the Pension Protection Act). [5]
  • Qualified charitable distributions. The Instructions reflect that a qualified charitable distribution is counted for purposes of the required minimum distribution rules.
  • Nonspouse designated beneficiaries. Guidance was added on reporting for IRAs of nonspouse beneficiaries.
  • Qualified reservist distributions. Guidance was added on reporting qualified reservist distributions permitted under Code section 72(t)(2)(G) (added by the Pension Protection Act).[6]
  • Blank box. Instructions for using the blank box to the left of box 10 were added.

 

Elena Barone
Assistant Counsel

endnotes

 [1] The 2007 Form 1099-R is available at http://www.irs.gov/pub/irs-pdf/f1099r.pdf.  The 2007 Form 5498 is available at http://www.irs.gov/pub/irs-pdf/f5498.pdf.  The 2007 Instructions for Forms 1099-R and 5498 are available at http://www.irs.gov/pub/irs-pdf/i1099r.pdf.

 [2] This is consistent with the treatment of charitable distributions on the 2006 Form 1099-R.  See Memorandum to Pension Members No. 63-06 [20490], dated October 18, 2006.

 [3] See Memorandum to Pension Members No. 1-07 [20783], dated January 12, 2007.

 [4] See Memorandum to Pension Members No. 1-07 [20783], dated January 12, 2007.

 [5] See Memorandum to Pension Members No. 48-06, Federal Legislation Members No. 5-06, and 529 Plan Members No. 13-06 [20250], dated August 4, 2006.

 [6] See Memorandum to Pension Members No. 48-06, Federal Legislation Members No. 5-06, and 529 Plan Members No. 13-06 [20250], dated August 4, 2006.