PERAC Memo #44 - 2011: Taxation and Reporting Requirements Workbook, Form 1099R Overview
Taxation and Reporting Requirements Workbook, Form 1099R Overview
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PERAC Memorandum #44/2011 transmits a Taxation and Reporting Requirements Workbook and a 1099R overview chart, prepared by PERAC's Tax Counsel, to assist boards in preparing IRS Form 1099R for members and beneficiaries. The memo notes that certain unresolved tax treatment issues flagged in the Workbook will be addressed through a forthcoming Private Letter Ruling request to the IRS, with updates to follow. Use of these materials is optional—boards are not required to adopt them—but they are offered as guidance for boards and their vendors.
Full Text
MEMORANDUM #44, 2011 Gregory R. Mennis M E M O R A N D U M TO: All Retirement Boards FROM: Joseph E. Connarton, Executive Director RE: Taxation and Reporting Requirements Workbook, Form 1099R Overview DATE: December 21, 2011 Attached are the Taxation and Reporting Requirements Workbook and a chart providing an overview of the 1099R reporting for Massachusetts public employees. These documents were prepared by PERAC’s Tax Counsel in response to inquiries seeking assistance in the preparation of IRS Forms 1099R. I would like to thank the user group that reviewed the Workbook and provided ideas and assistance. You will note that in several places in the Workbook issues that will be the subject of a Private Letter Ruling (PLR) are mentioned. The purpose of the PLR will be to confirm tax treatment of certain payments made to members and beneficiaries of the Chapter 32 Systems. This PLR request is being drafted and will be submitted to the IRS early next year. We will update you as this process goes forward. While Boards are not required to use the attached documents, they are offered as assistance and guidance to the Boards and their vendors. If you have any questions, please contact this office. Attachments