Form 54 generally must be filed and provided by May 31, 2022, but some information (regarding fair market value and required minimum distributions) must be furnished by January 31, 2022. Copy A must be filed with the IRS by February 28, 2022, for scannable paper filings, and by March 31, 2022, for electronic filings. The deadline for providing the 2021 Form 1099-R to plan participants and beneficiaries is January 31, 2022.

Finally, requests for an extension of the deadline for sending statements to recipients may now only be made by fax.ĮBIA Comment: All qualified plan distributions of $10 or more in 2021 will have to be reported to the IRS on this version of Form 1099-R. The general instructions also note that the address of the Austin, Texas processing center for paper filings has changed. (The threshold is applied separately to each form.) If regulations are effective for 2021 forms filed in 2022, the lower threshold will be announced on the IRS website. General Instructions. The general instructions explain that the IRS might issue regulations this year that reduce the 250-return threshold for electronic filing of these forms. Changes to the 2021 forms and instructions include.

These versions of the forms will be filed with the IRS and furnished to distribution recipients and IRA owners and beneficiaries in 2022 for events occurring in 2021. Form 5498 is used to report contributions to IRAs (including deemed IRAs within a qualified plan), and certain other IRA-related information, including fair market value and required minimum distributions. Form 1099-R is used to report designated distributions from retirement plans, annuities, IRAs, and other sources. The IRS has released the 2021 versions of Forms 1099-R and 5498, their combined instructions, and the general instructions that explain how to file these and various other IRS forms. IRS Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) (2021) IRS Form 5498 (IRA Contribution Information) (2021) Instructions for Forms 1099-R and 5498 (2021) General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G) (2021)

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