I only have a 1099-R, do I need to file taxes this year?

Forum|Forum|6 years ago
June 4, 2019
6 replies
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Have no w-2 and had no health insurance.

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Best answer by SharonC1

You can use the graphs that start on page 9 of the IRS 1040 instructions (linked below) to determine if you need to file a tax return. You need to be certain to pay attention to the header of the graphs.

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

DoninGA

Employee

What is the taxable amount shown in box 2a? What is the code in box 7? Were federal income taxes withheld shown in box 4?

carpetatoarcaAuthor

Slightly over $200 on box 2a, under $50 in box 4 and box 7 has code 7.

DoninGA

Employee

If that is your only income that would be reported on a tax return, then you are not required to file. However, you should file to get a refund of the federal taxes withheld.

carpetatoarcaAuthor

Thanks for your help!

SharonC1Answer

Employee

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

eco11

Hello - I only received 1099-R, no other income. My understanding is that I do not need to file a return for 2023, is that correct?

One additional question: I no longer live in US (I am a Canadian citizen) but this 1099-R form is attached to an IRA that will remain open for the next 30 years until I can withdraw/close when I retire. My understanding is that I will continue to receive the 1099-R each year until I withdraw/close IRA account. Can I confirm that I do not need to file a return (1040 or even 1040NR) while this IRA remains open?

JohnB5677

No, You will not have to file a tax return, because, I don't think you will be getting a 1099-R each year.

You will get a 1099-R if you withdraw from or rollover an account.
If the account is maintained in the US, but there is no distribution activity, you will not get a 1099-R.
If you are taking monthly "essentially equal payments" each month, you will get a 1099-R
U.S. tax law provides that an individual does not pay U.S. taxes on amounts in an IRA until distributed.

@eco11

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eco11

Ok great - thank you!

So just to clarify, I received a Form 1099-R for 2023, but it does state "$0.00" for taxable income but gives an amount for "gross distribution". As I did not withdraw any amount or take monthly payment, my understanding is that I do not need to file a return for 2023. Is this correct?

Given your last point: "U.S. tax law provides that an individual does not pay U.S. taxes on amounts in an IRA until distributed." - My understanding is that I will not pay U.S. taxes on this IRA account until it is distributed. Is this also correct?

Thank you so much for your help.