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February 9, 2023
Question

If there is no box 12,what do I do? My 1099 R has no box 12. It jumps from 11 to 14.

  • February 9, 2023
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February 9, 2023

The 1099-R for 2022 has Box 12 FACTA requirement.  If you do not have it, you can contact the issuer to see if there is a FACTA reporting requirement.  

 

The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments. The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets.