FAQs for 1099-Rs - 2016
1. What does the amount in Box 5 represent?
These are contributions to Maine Public Employees Retirement
System on which you already paid taxes.
This is the
difference between Box 1 and Box 2a.
These are not
Why is there a difference in
Box 5 this year? For the last 10 years, the numbers
have always been the same.
My wife also received a
1099-R and her numbers in Box 5 did not change.
Box 5 might be slightly different from the prior year(s)
because of how our system determines the amount of already
taxed contributions you have received in the year.
Regardless of the
change in the amount, you will not be taxed on contributions
for which you already paid taxes.
The change in the basis for determining the amount
did not affect all retirees.
B.) Your non-taxable amount may have expired.
What does Box 14 mean?
This is the amount subject to tax by the State.
responsible for state taxes in the state in which they
reside. For a
retiree, this amount is calculated by subtracting the amount
not subject to taxes for that year from the amount in Box 1
How do I determine the “excludable amount?”
Subtracting the amount in Box 14 from the amount in Box 1
will tell you the total amount excluded from state taxes for
the year. Subtracting Box 14 from Box 2a will give you the
‘Pick-up Contributions’ needed to complete Schedule 1 on
your Maine tax return.
My tax program is asking for the information in Box
13 and I’m entering the number 23, but it will not take it,
what do I do?
Try entering ME for the state.
Some programs use that instead of the state number
Can MainePERS help me with my taxes?
MainePERS cannot assist with preparing your tax return.
We advise you to
consult a tax preparer/accountant.
Why did I receive
more than one 1099-R this tax season?
There are several reasons why a person may receive more than
one 1099-R. You may
be a retiree who is receiving more than one pension benefit,
or you received a refund of MainePERS contributions, or a
refund of contributions from another pension fund.
I received a 1099-R for a deceased
relative. Why did I get it, and what do I do with it?
If you received a 1099-R, it may be because you are the
person who notified us of the death of your relative, or is
managing your relative’s estate.
You will need the
1099-R to complete your relative’s last Federal and State
Tax returns. If you
are not that person, please send the form to the person who
is preparing the tax returns.
rolled over funds last year and received the 1099-R but I’m
not sure how to tell if I am
going to be taxed on it?
If there is a “G” in Box 7 and Box 2a is showing a zero (0),
you will not be taxed for this year. The money is subject to
tax when you take a distribution.
If there is a “G” in Box 7 and an amount in Box 2a, it means
you rolled the money into a Roth IRA and you will have to
claim the money as taxable income.
10. I did not receive a 1099-R. What should I
If you have not received a 1099-R by February 15th,
please contact MainePERS.