Announcement 2004-3
Announcement 2004-3
in: Announcement 2004-3
Announcement 2004-3
Correction to Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G Electronically or Magnetically
Changes issued in December 2003 by Chief Counsel will impact the filing of Form 1099-R. These changes affect the Payee “B” Record, Distribution Code, positions 545 — 546. The descriptions for Code J, Q, and T, shown in the Publication 1220, have changed. If you have issued a Form 1099-R or (applicable substitute) for 2003 for a Roth IRA distribution, you may have to issue a corrected return based on the changes in the chart below.
| Distribution Codes | Explanations | \*Used with code (if applicable) |
|---|---|---|
| J — Early distribution from a Roth IRA. | Use Code J for a distribution from a Roth IRA when Code Q and Code T do not apply. | 5, 8, or P |
| Q — Qualified distribution from a Roth IRA | Use Code Q for a distribution from a Roth IRA if you know that the participant meets the 5-year holding period and: * The participant has reached age 59, or * The participant died, or * The participant is disabled. Note: If any other codes, such as 5, 8, or P apply, use Code J. | None |
| T — Roth IRA distribution, exception applies. | Use Code T for a distribution from a Roth IRA if you do not know if the 5-year holding period has been met but: * The participant has reached age 59, or * The participant died, or * The participant is disabled. Note: If any other codes, such as 5, 8, or P apply, use Code J. | None |
Also, for Codes 5, 8, and P, delete any reference to Codes T and/or Q shown in the Form 1099-R Distribution Code Chart 2003.
The above changes will appear in the 2004 revision of Publication 1220.
Disclaimer. This may not be the most current version of this information. Users should consult official sources to verify information on this site is recent and current. Marble does not warrant or represent the accuracy, completeness or reliability of the information contained on this site.