See below for all of the required data elements for completing Form 1099-R reporting.
Filing Entity
The legal entity responsible for the issuing forms will be the filing entity. The information listed below must be submitted through the Taxbit Dashboard.
For more information on Filer setup, please refer to this guide: Filer Setup
| Field Name | Required |
| Name | Required |
| Address | Required |
| Tax Residency | Required |
| US TIN | Required |
| Contact Phone Number | Required |
Please note: If there are multiple filers, please ensure that you are using the correct filer ID for the associated account(s).
Account Owner / Account
For ingestion purposes, the only data point required to create/update an Account Owner is the Account ID. This allows you to add all of your users to the Dashboard, even while you may still be collecting additional information. There will be reports available in the Dashboard to let you know if something is missing for an Account that is eligible for a tax form.
The following table, however, summarizes the required fields needed to complete the Form 1099-R.
For more information on formatting the Account Owner/Account CSV templates, please refer to this guide: IRA - Account Owner/Account CSV Ingestion Template Guide
| Field Name | Required |
| Account Owner ID | Only required if you have Account Owners with multiple Accounts |
| Account ID | Required |
| Name | Required |
| Joint Account Name | If Applicable |
| Address | Required |
| Tax Residency | Presumed US if unavailable |
| TIN | Required |
| Date of Birth |
Required in order to perform RMD calculation If not provided, the system will assume RMD is not required |
| Account Establishment Date | If Available |
| Filer ID | Only required if you have multiple Filers |
Please note: There are other fields on the Account Owner / Account model that are not listed here, as they are not required for 1099-R reporting.
In addition to the above, after the end of the year, the fair market value of the Account will also need to be provided.
| Field Name | Required |
| Account ID | Required |
| End of year fair market value of the Account | Required |
Transactions or Form Data
For account activity, we can either collect raw transaction data, in which case Taxbit will complete the aggregations and determine the ultimate data to report on the Form 1099. If you are doing the aggregations already, then we also offer the option of sending us Form Data, which would include the final amounts that go on the form.
Transactions
For transactions, only the Distribution transaction type is relevant. These transactions will require some additional information, such as the distribution code indicating the type of distribution.
For more information on formatting the Transactions template, please refer to this guide: IRA - Transactions Template Formatting Guide
| Field Name | Distribution |
| Account ID | Required |
| Transaction ID | Required |
| Date and Time | Required |
| Transaction Type & Subtype | Required: Distribution |
| Received Asset Quantity, Currency, and Rate/USD Value | Not Applicable |
| Sent Asset Quantity, Currency, and Rate/USD Value | Required |
| Fee Asset Quantity, Currency, and Rate/USD Value | If Applicable |
| Distribution Code |
Required See here for all of the available codes |
| Total Distribution | If Applicable |
| Federal Withholding Quantity in USD | If Applicable |
| State Withholding Quantity in USD | If Applicable |
Form Data
To the extent transactions are not being provided, and Taxbit is not handling aggregations, the following data points must be provided for Form Data ingestion.
Note that there should typically be a single row for each Account in the template; however, if there are multiple distribution codes or the income applies to multiple states, there may be a separate row for each distribution code and state combination. The state field is only required if there is state withholding, or if the income is attributable to a state that is different from the Account Owner’s address.
For more information on formatting the 1099-R Form Data CSV template, please refer to this guide:
1099-R - Form Data CSV Ingestion Template Guide
| Field Name | Required |
| Account ID | Required |
| Gross distribution (Box 1) | Required |
| Distribution code(s) (Box 7) | Required |
| Taxable amount (Box 2a) |
Either:
Please note: Certain distribution codes will require that the taxable amount be provided. |
| Taxable amount not determined (Box 2b) | |
| Total distribution (Box 2b) | If Applicable |
| Your percentage of total distribution (Box 9a) | If Applicable |
| Federal income tax withheld (Box 4) | If Applicable |
| State (Box 15 - 1) | Only required if there is state withholding, or the income is applicable to a state that is different from the address state |
| State tax withheld (Box 14) | If Applicable |
| Payer's state number (Box 15 - 2) | If Applicable |
| State distribution (Box 16) | If Applicable |
| Local tax withheld (Box 17) | If Applicable |
| Name of locality (Box 18) | If Applicable |
| Local distribution (Box 19) | If Applicable |
| Capital gain (included in box 2a) (Box 3) | Not Supported |
| Employee contributions/Designated Roth contributions or insurance premiums (Box 5) | |
| Net unrealized appreciation in employer's securities (Box 6) | |
| Other (Box 8) | |
| Other percentage | |
| Total employee contributions (Box 9b) | |
| Amount allocable to IRR within 5 years (Box 10) | |
| 1st year of desig. Roth Contrib. (Box 11) | |
| Date of payment (Box 13) |