1099-R forms for 2021

[Cynchbeast]

We have a client who is a dentist selling his practice and terminating his plan.  All 7 participants are rolling their money over to IRAs.  I expect this should be complete by the end of the week.

Is there any way to issue the 1099-Rs now rather than waiting until January?

[Lou S.]

I've never tried it but the 2021 Form 1009-R is out so if you have the ability to generate them now, you can certainly send them to participants since that is before January 31, 2022 due date.

I'm not sure if the IRS-FIRE system is set up to receive 1099-Rs yet for 2021 so you may have to wait on the electronic filing to the IRS, but mailing the 1099-Rs to pariticpants is limited only by you ability to produce them.

[CuseFan]

Agree with Lou, no issue preparing and sending to participants but doubt you can file with IRS. 

[ESOP Guy]

Many years ago I worked with a bank that helped plans issue checks, 1099-R....

They sent the check and 1099-R in the same envelope.    If you got a check today your got your 1099-R in the same envelope.  

The primary downside was people lost track of them between getting the 1099-R and tax filing season.  So the requests for replacement 1099-Rs was kind of high.

[BG5150]

27 minutes ago, ESOP Guy said:

So the requests for replacement 1099-Rs was kind of high.

If they even remembered they needed one in the first place...