Understanding Your 1099-R
|BOX 1||Box 1 shows everything NPERS paid you in 2022.|
|BOX 2a||Box 2 a shows the amount that is taxable to you.|
|BOX 4||Box 4 shows the amount that was withheld for federal taxes.|
|BOX 5||Box 5 shows the amount that is not taxable.|
|BOX 14||Box 14 shows the amount that was withheld for state taxes.|
|NOTE:||BOX 1 - BOX 2a = BOX 5|
Tax Forms to Watch For
Something to watch for, if you plan to start taking your retirement benefit after January 1st, 2023, is the new W4-P tax form required by the IRS for taxation of annuity payments. Or if you are planning on taking required minimum distribution, lump sum payment, or rollover from your account, you may need to complete a W-4R.
If you are thinking about accessing these options, you may want to familiarize yourself with these forms at the IRS.GOV website. The instruction sheets on these forms are comprehensive and helpful. NPERS staff are not allowed to provide taxation advisement or guidance, so you may need to take these forms to your tax advisor for review, prior to requesting a distribution or annuity payment.