The 1099-R is used for each person to whom a business has made a designated distribution or are treated as having made a distribution of $10 or more from:
- Profit-sharing / retirement / Survivor Income Benefit plans
- Annuities, including charitable gift annuities
- Insurance contracts
- Permanent and total disability settlement (covered by life insurance contracts)
1099-R Form Exemptions
Tax-exempt sources, including workers’ compensation and Department of Veterans Affairs payment, with distributions, need not to be reported. Moreover, if a portion of a distribution is taxable and another portion is nontaxable, report of the full distribution must be made.