ONESOURCE TAX INFORMATION REPORTING

RETIREMENT PLANS/ANNUTIES INDUSTRY

For compliance needs related to retirement plans and annuities, ONESOURCE Tax Information Reporting software provides processing for industry-specific forms, such as:

  • Form 1099-R: Distributions from Pensions, Annuities, Retirement or Profit Sharing Plans, IRAs, Insurance Contracts, etc.
  • Form 5498: IRA Contribution Information

 

ONESOURCE Tax Information Reporting software supports form 1099R, in which an individual reports distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts and/or pensions.

Specific items included on the form are:

  • The gross distribution paid during the given tax year
  • The amount of the distribution that is taxable
  • The federal income tax that has been withheld
  • The contributions made to the investment or premiums paid
  • A code that represents the type of distributions made to the holder of the plan