Posted on Friday, 26th January 2024 by

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The Social Security Administration was the first to send out forms again this year.  Our 1099 R Tax Forms typically aren’t available until the end of January to early February by regular mail. Registered users of OPM’s Retirement Services Website can download their Annuity Statement and 1099 R forms now.

1099 Forms

I received my SSA-1099 January 9 and downloaded my 1099-R from OPM January 16th.  Many of our 1099-INT forms are now arriving from banks and credit unions. For those who purchased Treasury Bills, Notes, and Bonds online at www.TreasuryDirect.gov or cashed in savings bonds on their site, your 1099-INT and OID statements are now available for download.

If you cashed in paper savings bonds at your local back, the cashier gives you a receipt showing the amount of interest earned. This receipt isn’t your 1099, the bank or other financial institution will send you a 1099-INT for the bonds you cashed in.

I cashed in several thirty-year paper EE savings bonds last year and received a consolidated 1099-INT form this January from my bank listing the EE savings bond interest separately in box 3 of the 1099-INT form.

When selling a second home, the closing firm typically provides the seller and the IRS a copy of the 1099-S form. This form shows the gross proceeds and any real estate taxes paid the year of the sale. Any capital gains must be reported on your tax return.

Brokerage Forms

Brokerage firms typically send out their Tax Reporting Statements showing interest, dividends and capital gains or losses towards the end of January to mid-February, later for more complicated accounts. Their consolidated statements include 1099-INT, DIV, MISC and a 1099-B for proceeds from broker and barter exchange transactions.

Annuity Statements

Federal annuitants typically receive their updated Annuity Statement, with the COLA increase added, late December.

OPM sends out updated annuity statements anytime there is change that affects our annuity. Next month we will receive another statement showing FEHB healthcare and FEDVIP premium changes. New statements are sent out throughout the year whenever there are changes to checking/savings allotments, income tax withholding, and long-term care insurance, etc.

This document provides annuity and benefit information for you and your family. It includes the annuitant’s Claim number, the amount withheld for each item deducted from your annuity payment, and your gross and net payment. It specifies the monthly survivor annuity currently payable in the event of the annuitant’s death and includes an annual Notice of Survivor Annuity Election Rights. You will also find OPM contact information.

Instructions are provided on how to make benefit elections such as how to apply for a survivor election for a spouse you marry after retirement, survivor annuity elections for a former spouse, and others.




Estate Planning

I keep the most current Notice of Annuity Adjustment in my retirement folder and include a copy in our estate binder along with OPM’s annuity and FEGLI insurance verification forms that OPM sends out upon request. You can also download these forms from OPM’s site. This is an important document and should be readily available if you or your survivor need to contact OPM or require benefit clarifications.

You must be registered to use OPM’s Retirement Services Website. If you aren’t registered read the article titled “Connect to OPM’s Online Services” to understand the registration process and sign up.

Summary

Many banks and brokerage house’s 1099 and DIV reports are also available online for download early. Treasury Direct doesn’t send out print copies. You must download your Treasury’s OID and 1099 INT statements from your online account.

I’ve used TurboTax software for decades. It’s intuitive and walks you through the entire process, double checks your work, and they allow you to file online. This software can also download and integrate your brokerage accounts into your tax return, saving considerable data entry time.

There are a number of free online filing services available through the IRS and several of the tax preparation services. The IRS allows you to file online at no cost if your annual income is $79,000 or less. You will have to file your State taxes separately.

Turbo Tax offers a similar free tax filing service for those returns with limited credits and filed using IRS Form 1040 only. Roughly 37% of taxpayers are eligible for this free service.

Take advantage of OPM’s Online Services to download your 1099-R to file your taxes early, need to replace a lost 1099-R, or to obtain other important retirement forms and reports. The filing season for 2023 tax returns starts on January 29, 2024. The IRS will begin processing tax returns on that day.

Helpful Retirement Planning Tools


Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center. Over time, various dynamic economic factors relied upon as a basis for this article may change.

The advice and strategies contained herein may not be suitable for your situation and this service is not affiliated with OPM or any federal entity. You should consult with a financial, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Last 5 posts by Dennis Damp

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Posted in ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, ESTATE PLANNING, FINANCE / TIP, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE, SURVIVOR INFORMATION | Comments (0)


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