Taxes and Your TCDRS Benefit |
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What the 1099-R form is and when you can expect itYour IRS 1099-R tells the IRS how much money TCDRS sent you the previous year and how much was withheld for taxes. If you are retired or withdrew your account balance during the year, you will need this form to fill out your income taxes.
The 1099-R form will mail out by Jan. 31. You can also access your 1099-R online when you sign into your account at www.TCDRS.org. The IRS will accept a printout of your 1099-R for your paper-filed tax return. If you received payments from multiple TCDRS accounts, you’ll receive a 1099-R for each account.
For more information on how to read your 1099-R, view this helpful PDF. |
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TCDRS retirees: Changing your withholdingYou can start, stop or change your tax withholding online at any time. Sign into www.TCDRS.org and click “Edit Withholding” in the top left box of your retiree account summary screen.
Online you can see your current selections and update your marital status, number of exemptions and any additional amount you want withheld. The deductions you select will depend upon your personal circumstances. The more exemptions you claim, the less tax that’s withheld from your benefit.
If you withhold too much, you could get a refund come tax time. However, if you don’t withhold enough, you could owe taxes and be hit with a penalty. The IRS has a withholding calculator at www.IRS.gov or you may find it helpful to consult with a tax adviser. When calculating your deductions, consider your total income — not just your TCDRS benefit.
FAQs
When will I receive my 1099-R?TCDRS will mail out a 1099-R for each account you received a payment from by Jan. 31, 2020. TCDRS cannot confirm when the postal service will deliver your 1099-R. If you’ve moved in the past year, please make sure we have your most up-to-date address by signing into to your account at www.TCDRS.org.
Can you email me a copy of my 1099-R? No, TCDRS cannot email copies of 1099-R forms. You can download a copy of your 1099-R by signing into your account at www.TCDRS.org and selecting it from the documents box.
If you have not yet accessed your online account, it is easy to register. Simply navigate to www.TCDRS.org and click on “Register” in the top right corner. Be sure to have your TCDRS account number handy. You can find your account number in your annual benefit statement or, if you withdrew your account, on your annual statement. You can also call TCDRS Member Services at 800-823-7782 for help.
I have worked for multiple TCDRS employers. How can I find a 1099-R for each account?Every TCDRS account you received a payment from in 2019 will be issued a unique 1099-R. Sign into your account on www.TCDRS.org to access the 1099-Rs for all of your TCDRS accounts from your account summary page. Then, click on the 1099-R you wish to view in the documents box.
Why does my 1099-R have an amount in Box 5 when I did not make Roth or insurance premium contributions last year?Box 5 shows the amount of your gross income from TCDRS that is not taxable for 2019. This “monthly exclusion” is the part of your benefit on which you have already paid taxes. If you made any after-tax deposits to your TCDRS account — for example, regular deposits you made before 1986 or through a buyback of service time — then you do not have to pay taxes on that part of your benefit. This non‑taxable portion of your benefit is listed in Box 5.
Where can I get previous 1099-Rs?You can download the last two years of your 1099-Rs by signing into your account at www.TCDRS.org and selecting them in the documents box.
TCDRS keeps copies of 1099-Rs dating back to 2014. If you need 1099-R data for years prior to 2014, please contact the IRS to request your tax record.
Where can I get help preparing my taxes?TCDRS cannot offer tax advice. For tax help, we recommend contacting a tax expert. You may search for free tax help near you on the IRS website here. The IRS also offers a free withholding calculator at www.IRS.gov. |
